FG explores BOR as new strategy to curb laundering

The Federal Government, through the Cooperate Affairs Commission (CAC), has sought to use the Beneficial Ownership Register (BOR) as part of its overall anti-corruption strategy to fight against money laundering, terrorism, proliferation, and arms proliferation financing.

BOR, being a platform where ownership information of natural owners of businesses are disclosed, says Organised Private Sector (OPS) is expected to use the register for customer due diligence and to check conflict of interest.

He added that the media could use it for precision journalism and civil society can also use it to promote accountability and transparency in governance, particularly in procurement.

The Registrar-General of CAC, Garba Abubakar, in his address during a training in Port Harcourt, Rivers State, yesterday, on the use of BOR for organisation, said effective implementation of the beneficial ownership framework is essential for the fight against corruption, especially money laundering.

Abubakar represented by the commission’s Director of Compliance, Justin Nidiya, noted that in Nigeria, the idea to checkmate corruption perpetuated by individuals, who set up businesses as fronts to launder money, began in May 2015 by former President, Muhammadu Buhari, at the London Anti-Corruption Conference, where commitment was made that the country would implement the requirements.

He stated that the commitment was followed up by concrete actions, which eventually resulted in the repeal and re-enactment of the Companies and Allied Matters Act (CAMA) 2020, and the Money Laundering Prevention and Prohibition Act, Terrorism Prevention and Prohibition Act and Proceeds of Crime Act 2022.

Project Officer of Oasis Management Company Limited, Priscilla Orukpe, builders of the BOR portal, said the database is also sensitive to the requirements of Data Privacy and Protection requirements.