Beneficial Ownership Register as tool for tackling financial crimes


Illicit financial flow and proceeds of crime can best be tracked and trapped with the newly introduced Beneficial Ownership Register (BOR). This was the submission of a brainstorming session facilitated recently by the Civil Society Legislative Advocacy Centre (CISLAC). Sulaimon Olanrewaju reports.

While addressing the opening session of the 16th conference of the Committee of Intelligence and Security Services of Africa (CISSA) in Abuja not too long ago, President Muhamadu Buhari shocked his international audience with the statement that Africa loses about $60 billion to illicit financial flows (IFFs) yearly.

Illicit financial flows are illegal movements of money or capital from one…

Source: Nigerian Tribune