NEITI moves to deepen implementation of beneficial ownership disclosures

The Nigeria Extractive Industries Transparency Initiative (NEITI) in a bid to broaden and deepen the implementation of public beneficial ownership disclosures in the country has partnered with the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA).

It said this is in line with the growing interest of the organized private sector, banks and financial institutions in the implementation of beneficial ownership disclosures.

Addressing a regional Conference of Member States of GIABA in Accra, Ghana, the Executive Secretary of NEITI, Dr Orji Ogbonnaya said the private sector especially banks and other financial institutions are key players in checking illicit financial flows, money laundering and terrorism financing in the West African sub region.

According to him, because they provide safe havens for illicit financial transactions across national and international boundaries, they have strategic responsibilities to deploy, use and share beneficial ownership information and data.

This he added, also,”include adoption and aligning with transparency reform institutions like NEITI in risk assessment and adoption of progressive best practices in beneficial ownership transparency.

“NEITI is therefore delighted to be part of the regional forum of the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) convened here in Accra, Ghana 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.”

In view of this, the meeting 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 offenses.

The regional meeting also resolved to take steps to ensure a balance between Beneficial Ownership transparency objectives and the protection of citizens’ and individuals’ rights to privacy and data protection.

Also, it resolved to seek the required political support and engage in information sharing, public education, and enlightenment to broaden the scope of implementation in member countries.

Other resolutions include prioritization of human capacity development, financial and technical resources mobilisation and management.

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