ECONOMIC GOVERNANCE AND MANAGEMENT only in isolated cases. Some 6% regard the problem as systemic and endemic. Nearly 40% feel it is on the decline. 103. Key factors Ghanaians have identified as contributing to corruption are: ? ? ? ? Low real wages and salaries in the public sector; Weak or ineffective powers of prosecution of corruption cases; Non-transparent procedures in public administration; Lack of public knowledge of the cost of corruption to economic growth and development; ? The gift-giving culture; ? Lack of perception of corruption as a criminal act; ? Nepotism and patronage; ? A weak code of conduct of public officials. 104. The survey respondents rate the ongoing institutional approaches to fighting corruption as satisfactory to very satisfactory. The overall effort of the Executive is rated higher than that of Parliament, the judiciary and the Public Accounts Committee, in that order. The challenges in fighting corruption, according to the CSAR, ranges from lack of public cooperation, weak institutions and weak commitment to fight corruption, to the complex court and administration procedures in prosecuting corruption cases. 105. Four out of every ten respondents do not view money laundering as an immediate problem. However, an equal number see it as becoming so, while two out of every ten feel it is already a problem. Several preemptive measures are in place to counter money laundering: ? ? ? ? Narcotic Enforcement and Sanction Law, 1990; Three conventions on terrorism, ratified in 2002; A four-phase action plan designed in 2003 in response to the InterGovernmental Action on Money Laundering under the aegis of the Economic Community of West African States (ECOWAS); and The establishment in 2004 of the Financial Intelligence Unit. Complementary efforts have emanated from the operations of banking and non-bonding financial institutions and the law enforcement agencies. 77