NEITI to partner GIABA, private sector on beneficial ownership implementation
The Nigeria Extractive Industries Transparency Initiative (NEITI) has welcomed with high expectations, the growing interest of the organised private sector, banks and financial institutions, in the implementation of beneficial ownership disclosures.
Dr Orji Ogbonnaya Orji, Executive Secretary, NEITI, told a regional Conference of Member States of the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) in Accra, Ghana, that private sector participation was important in the disclosures.
Orji said in a statement issued on Wednesday by Mrs Obiageli Onuoha, Deputy Director/Head Communications and Stakeholders Management, that banks and other financial institutions were critical in checking illicit financial flows.
He stated that the banking sector and other financial institutions were also critical in exposing money laundering and terrorism financing in the West African sub region.
“The private sector, especially banks and other financial institutions that provide safe havens for illicit financial transactions across national and international boundaries, have strategic responsibilities.
“There is a need to deploy, use and share beneficial ownership information and data, including adoption and aligning with transparency reform institutions like NEITI, in risk assessment and adoption of progressive best practices in beneficial ownership transparency.
“NEITI is delighted to be part of the regional forum of GIABA convened 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,” he said.
According to him, the meeting resolved to deploy accurate information and data to assist relevant authorities and the private sector, including financial institutions and designated non-financial institutions to combat money laundering and associated predicate offenses.
He said 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.
He said it also resolved to seek required political support, engage in information sharing, public education and enlightenment to broaden the scope of implementation in member countries.
“Other resolutions include prioritisation of human capacity development, financial and technical resources mobilisation and management.
“It resolved to ensure compliance by reporting institutions and other private sector entities and to strengthen cooperation among GIABA member states on BO data verification.
“The forum recognised the role of NEITI; Compliance Officers Forum of GIABA Member States; Compliance Institute, Nigeria; and Open Ownership in strengthening Beneficial Ownership transparency and its importance to public sector reforms,” he said.
He 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.
These, he said, would guarantee the peace and security of the sub region.
Others who addressed the meeting were the Registrar-General of the Corporate Affairs Commission, Alhaji Garuba Abubakar, Director of Operation at the EFCC and ICPC as well as representatives of banks and financial institutions in Nigeria.
