The Corporate Affairs Commission (CAC), has said the beneficial ownership register (BOR) will help in the fight against money laundering, terrorism and terrorism financing in the country.
CAC Registrar-General, Alhaji Garba Abubakar, disclosed this yesterday in Port Harcourt, the Rivers State capital, while speaking at a one-way free training workshop on BOR.
Abubakar, who was represented by the Director of Compliance, Justin Nidia Biraol, said apart from being needed for the registration of companies, BOR will also enhance transparency and accountability framework.
He said: “Talking about the impact of beneficial ownership; what we should recognise first is that the concept of beneficial ownership has acquired a life of its own all over the world.
“Wherever you go, it is a requirement, not only for the registration of companies, but to enhance what is called transparency and accountability framework, and also to help in the fight against money laundering, terrorism and terrorism financing.
“The purpose of this training in particular, is that there will be a robust corperation between the public sector and the private sector because we recognise that to fight corruption, terrorism and money laundering effectively, there should be robust corperation between the private sector and public sector.
“Journalists in particular are expected to use the beneficial ownership register to enhance their investigative activities. For other private users, what is expected, if you are operating a company for instance, you are expected to carry out what is considered to be customer due diligence.
“In carrying out that customer due diligence, you are required to know who the beneficial owners of the company are.”
