Money laundering: NEITI engages banks, others on ownership disclosure
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. Addressing a regional Conference of the Member States of the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) in Accra, Ghana, the […]
Executive Secretary of the Nigerian Extractive Industries Transparency Initiative (NEITI), Dr Ogbonnaya Orji
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.
Addressing a regional Conference of the Member States of the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) in Accra, Ghana, the Executive Secretary of NEITI, Dr Orji Ogbonnaya Orji, 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.
Dr Orji said: “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 including adoption and alignment with transparency reform institutions like NEITI in risk assessment and adoption of progressive best practices in beneficial ownership transparency.”
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.