FG urged to tighten Beneficial Ownership laws
The Federal Government has been urged to fast-track the processes of reviewing the Corporate Affairs Commission (CAC) Act to ensure that the beneficial ownership principle is operational and entrenched to win the anti-corruption war.
This is part of the resolutions of a multi-stakeholder dialogue on ‘Supporting Beneficial Ownership Transparency Champions’ in Nigeria yesterday in Abuja organised by the Civil Society Legislative Advocacy Centre (CISLAC), Transparency International (TI) and the DFID.
Beneficial Ownership (BO) means knowing the actual owners or sponsors of companies or organisations different from those claiming ownership or listed as owners to prevent tax evasion, money laundering and other criminal activities by such concealment.
The completed review of the CAC Act is currently at the legal unit of the Ministry of Justice and would have to be approved by the Federal Executive Council (FEC) before it would be transmitted to the National Assembly for legislative actions.
The Executive Director of CISLAC, Auwal Musa Rafsanjani, represented by the Legal Director and Board member of the centre, Barrister Adesina Oke, stressed the importance of evolving effective policies that would entrench BO concept in the interest of national development.