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

NEITI executive secretary Orji Ogbonnaya Orji 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 is important in the disclosures.

Mr Orji said in a statement on Wednesday that banks and other financial institutions are 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,” stated the NEITI boss.

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, according to Mr Orji.

The statement noted NEITI’s delight 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.

According to the statement, 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.

Mr Orji 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.

The NEITI boss 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,” stated Mr Orji.

The forum recognised the role of EITI, 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, said Mr Orji.

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 region.

(NAN)