Anti-corruption: VP Osinbajo calls for Global Action to Curb Secret Corporate Ownership
Secrecy provides cover for criminality, VP adds, noting that some countries still resist stemming IFF
The devastating effects of secret and beneficial ownership on economies across Africa require that stakeholders on the continent including governments must collaborate to stem the tide of the phenomenon, according to Vice President Yemi Osinbajo, SAN.
“One more matter of concern that the international community must work together to solve is the matter of secret corporate ownership and the whole issue of beneficial ownership.
“For us in the developing world and especially in Africa, breaking the wall of secret corporate ownership is crucial because secrecy around corporate ownership is implicated in our underdevelopment. Although anonymous companies are not always illegal, nevertheless secrecy provides a convenient cover for criminality and corruption.
“Our experience in Nigeria as in other developing countries is that anonymous corporate ownership covers a multitude of sins including conflict of interests, corruption, tax evasion, money laundering, and even terrorism financing.”
Senior Special Assistant to the President on Media & Publicity
Office of the Vice President