News

EU Strengthens Capacity of CSOs to Combat Money Laundering & Improve Governance

  • Richard Marley
  • June 03, 2022
  • 2 minutes read
  • 691
blog_image

The European Union (EU) is working on boosting the capacity of more than 200 Civil Society Organisations (CSOs) in Nigeria to combat money laundering.

The EU-funded initiative is doing so as part of efforts to clamp down on money laundering and promote corporate governance in the country.

According to the source, the initiative under the Agents for Citizens-driven Transformation (ACT) programme is targeted at enhancing the capacity of CSOs on regulatory framework relating to their corporate activities.

The Project Lead Facilitator, Prof. Deji Adekunle, while speaking at the opening of a two-day capacity building workshop in Kano, explained that the program specifically targeted the compliance and operations officers, finance managers of CSOs with the aim of building skills in corporate governance and companies regulations.

Adekunle, who identified the components of the training which stretch across corporate affairs regulation, taxation matters, anti-money laundering, and pension regulation, recalled that CSOs are incorporated essential because of their role as agents of citizens-driven transformation.

The lead facilitator explained that participants are being empowered with knowledge and exposed to relevant documentation regarding Corporate Affairs Commission, CAC, and CAMA Act. 2020, Pension regulation and other frameworks, CSOs must comply with.

“The program is one of the activities of the EU funded projects on Agents for Citizens-driven Transformation (ACT) program and this component of the program is looking at strengthening the capacity of the CSO’s who are the main agents of Citizens-driven Transformation,” Adekunle said.

“The project is implemented by the British council deliberately to build the capacity of operations officers and finance managers of the CSOs on regulations, laws, and framework relating to their activities. Issues on CAC registration, and compliance with CAMA Act. 2020, money laundering tendencies and so on,” Professor Adekunle noted.

Assistant director, office of the Registrar-General, Corporate Affairs Commission (CAC), Tolulope Sonaike cautioned CSOs against money laundering tendencies while dealing with foreign partners.

Suggested read: EU Regulators Say Crypto Exchange Licenses Should be Revoked for Money Laundering