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  • Business - Economy
  • Updated: August 24, 2023

NEITI Engages Banks On Illicit Financial Flows, Money Laundering

NEITI Engages Banks On Illicit Financial Flows, Money Launde

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The Nigeria Extractive Industries Transparency Initiative, on Wednesday, said the involvement of the private sector, especially banks and other financial institutions is a critical success factor in checking illicit financial flows, money laundering and terrorism financing in the West African subregion.

Ogbonnaya Orji, NEITI’s Executive Secretary, revealed this while addressing the regional conference of member states of the Inter-Governmental Action Group Against Money Laundering in West Africa in Accra, Ghana, according to a statement issued by the agency in Abuja.

“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.

“This includes the adoption and alignment with transparency reform institutions like NEITI in risk assessment and adoption of progressive best practices in beneficial ownership transparency.

“NEITI is therefore delighted to be part of the regional forum of the Inter-Governmental Action Group Against Money Laundering in West Africa convened here in Accra, Ghana 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.”

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