NEITI, Regional Group Partner Against Money Laundry

Emmanuel Addeh in Abuja

The Nigeria Extractive Industries Transparency Initiative (NEITI) has welcomed the growing interest of the organised private sector, banks and financial institutions in the implementation of beneficial ownership disclosures.

the Executive Secretary of NEITI, Dr Ogbonnaya Orji, made the disclosure while addressing a regional Conference of Member States of the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) in Accra, Ghana.

He identified the involvement of the private sector, especially banks and other financial institutions as critical success factors to check illicit financial flows, 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 to deploy use and share beneficial ownership information and data.

“This includes 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 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,” Orji said.

The meeting resolved to deploy adequate information and accurate data to assist relevant competent authorities and the private sector in their efforts to combat money laundering and associated offences.

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