CISLAC Web Beneficial Ownership Register as an Antidote to Corruption

In an effort to ensure that corruption is radically overcome in the Nigerian public space, the Civil Society Legislative Advocacy Center (CISLAC) has recommended a Beneficial Ownership Registry (BOR) as an antidote to tackle persistent cases of corruption in the country. Nigeria.

The organization made the call at a briefing on “The Anti-Corruption Potential of the Beneficial Ownership Registry”, held at the Citi Heights Hotel in Lagos.
Leading the conversation, CISLAC Executive Director Auwal Rafsanjani noted that transparency in the ownership and control of companies, partnerships, trusts and other legal entities that may hold assets and open bank accounts is essential in determining where illicit funds are channeled. to and who moves them.

According to him, “The Nigerian government has made significant progress in implementing beneficial ownership transparency, as indicated by the signing of the Companies and Related Affairs (Amendment) Act 2020 and the ongoing process towards the creation of a central register for the disclosure of all companies in the country which would include and complement the register of beneficial ownership of companies in the extractive sector already established by NEITI in December 2019. ”

Rafsanjani said that while the rapid adoption of beneficial ownership is important, the quality, accuracy and usefulness of data in order to combat wrongfulness.
Financial flows (FFI) depend on the establishment of an appropriate legislative framework and data compliance with open data standards (BODS).

He said the capacity of tax and customs authorities, police and prosecution authorities, the mandatory beneficial owner information clause to be provided when companies are incorporated or trusts registered, and the presence of a warrant for ensure that the information provided by any entity is periodically updated and on a regular basis, among other things, has the capacity to hinder the effective implementation of this initiative, regardless of its quality.

He also identified “the enforcement capacity to ensure that information is placed on the publicly accessible platform and how to verify reported information and misrepresentation, which should lead to severe penalties,” such as other challenges.

“Let’s be clear that beneficial ownership and the broader issue of money laundering is not just a Nigerian or an African issue. But as long as the inefficiency and lack of political will to clean up our systems persists, the consequences in the form of terrorist financing, transnational organized crime, tax evasion and illegal enrichment of politically exposed persons will prevail.

Source link

About Charles D. Goolsby

Check Also

Vietnam’s ‘mega’ company collapses after six months

Nguyen Vu Quoc Anh, CEO and legal representative of the HCMC-based company, signed the decision …

Leave a Reply

Your email address will not be published. Required fields are marked *