The involvement of the private sector, especially banks and other financial institutions, is crucial in the fight against illicit financial flows, money laundering and terrorism financing in the West African sub region, the Executive Secretary, Nigeria Extractive Industries Transparency Initiative (NEITI), Orji Ogbonnaya Orji, has said.
Orji who spoke at a regional conference of member states of the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) in Accra, Ghana, said banks and other financial institutions that provide safe havens for illicit financial transactions across national and international boundaries have strategic responsibilities to deploy, use and share beneficial ownership information and data.
Welcoming with high expectations the growing interest of the organised private sector, banks and financial institutions in the implementation of beneficial ownership disclosures, he said this aligned with the goal of transparency reform institutions like NEITI in risk assessment and adoption of progressive best practices in beneficial ownership transparency.
The NEITI Chief expressed delight in the agency participating in the regional forum of the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) Accra, to discuss deeper engagements with the private sector, anti-corruption institutions, relevant security agencies and other EITI member countries to broaden the scope of beneficial ownership implementation.
At the end of the meeting, participants resolved to deploy adequate information and accurate data to assist relevant competent authorities and the private sector, including financial institutions and designated non-financial institutions in their efforts to combat money laundering and associated predicate offences.
The regional meeting also resolved to take steps to ensure a balance between Beneficial Ownership transparency objectives and protection of citizens’ and individuals’ right to privacy and data protection.
Also, the meeting resolved to seek the required political support, engage in information sharing, public education and enlightenment to broaden the scope of implementation in member countries.
Other resolutions included prioritization of the human capacity development, financial and technical resources mobilisation and management.
To ensure compliance by reporting institutions and other private sector entities, the forum stressed the need to strengthen cooperation among GIABA member states on BO data verification.
The forum axknowledged the important role of the Extractive Industries Transparency Initiative (EITI), Compliance Officers Forum of GIABA Member States, Compliance Institute, NEITI and Open Ownership in strengthening Beneficial Ownership transparency and its importance to public sector reforms.
It therefore urged member countries within the GIABA region to take concrete steps to broaden and deepen implementation of public beneficial ownership disclosures as important tools to combat illicit financial flows, money laundering and terrorism financing for the peace and security of the sub region.
Others who addressed the meeting were the Registrar General of the Corporate Affairs Commission, Garuba Abubakar, Directors of Operations at the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and other related offences Commission (ICPC), representatives of banks and financial institutions in Nigeria.
