TUESDAY, 12^th October, 2021: ECOWAS Intergovernmental Action Group against Money Laundry has called on the Corporate Affairs Commission to join forces with law enforcement agencies in the country for full disclosure of beneficial ownership to promote transparency and curb money laundering in the country.

Representative of ECOWAS Intergovernmental Action Group against Money Laundry, Dr. Timothy Melaye, made this statement in Lagos on Monday at an interactive session organised by the Anti Money Laundering and Counter Financing Terrorism Civil Society Organisations Forums in Nigeria.

According to Melaye, “In terms of beneficial ownership, it is important that the identities of those who own companies are known so that crime can be dealt with.

“The issue of independent, autonomous money launderers can be identified so that we can take the wealth from those who cannot explain the source of that wealth.

“While legal aspects can come forth, everyone should be able to provide evidence for his source of wealth. Now, with the autonomous money laundering laws, and the unexplained wealth order of the United Kingdom, you can be arrested when you have not committed anything if you cannot explain your source of income.”

The Chairman, AML/CFT CSO Forum, Efe Anaughe, added that the best civil society organisation could do was advocacy and create awareness at the grassroots as it was not a military arm and was not equipped to do any form of arrest.