Saturday, February 4, 2023
HomeRegionalAfrican CSOs concerned about ruling on beneficial ownership transparency

African CSOs concerned about ruling on beneficial ownership transparency

– –

As European Union and African Union representatives meet on Monday 28 November 2022 to review progress following the EU-AU Summit in February, thirty-two African and European civil society organisations have raised concerns about threats to ground-breaking EU transparency measures which could impact the much that has been achieved to put in place measures to prevent and to combat the problem of illicit financial flows out of Africa.

The Center for Fiscal Transparency and Integrity Watch organisations state, “Illicit financial flows rob African nations of almost US$89 billion each year. Anonymous companies are often used as the get-away vehicles of the corrupt, helping syphon these funds out of Africa – often to Europe – denying countries revenues that could be used to boost economies, and fund health and education systems.

“The EU has been a trail-blazer in cracking down on the use of these phantom firms. The requirement under the 2018 Anti-Money Laundering Directive for EU countries to set up and make public registers of beneficial owners of companies was a major step forward, helping shine a light on this murky world. A 22 November 2022 ruling by the European Court of Justice invalidating these rules and so denying public access to beneficial ownership information is therefore extremely concerning.

“Given the EU’s position as a global leader in beneficial ownership transparency, we fear that the ruling risks having a chilling effect on other countries that are deliberating whether or not to open up their registers, or are currently legislating for public registers.

The ruling will also have a direct impact on the ability of civil society, investigative journalists, and even competent authorities in other parts of the world to access EU company ownership information, something which is critical to identifying and recovering stolen assets.

– –

“Company ownership transparency is not only a tool for rooting out corruption. It is also fundamental for building confidence in our business environments and critical for establishing public trust and accountability in the rules that govern us – both essential ingredients for the functioning of democracy.

Open registers also contribute to combatting tax evasion efforts and improve integrity in public procurement. They are important also in tackling natural resource crimes, and improving governance in extractive industries. It is precisely  on these bases that civil society has successfully campaigned for public registers in Nigeria, Ghana, Zambia, Liberia and Kenya, among others.

“We therefore urge the European Commission to make a clear choice of openness over secrecy and quickly set out how they intend to ensure beneficial ownership registers across the bloc are accessible to the public again as soon as possible.”

Source: Africa Feeds

The Maravi Post has over one billion views since its inception in December of 2009. Viewed in over 100 countries Follow US: Twitter @maravipost Facebook Page : maravipost Instagram: maravipost    
Maravi Post Reporter
Maravi Post Reporterhttps://www.maravipost.com/
Op-Ed Columnists, Opinion contributors and one submissions are posted under this Author. In our By-lines we still give Credit to the right Author. However we stand by all reports posted by Maravi Post Reporter.
RELATED ARTICLES

Most Popular

Recent Comments

The History of online Casinos – Agora Poker – hao029 on The History of online Casinos
Five factors that will determine #NigeriaDecides2023 - NEWSCABAL on Leadership Is Difficult Because Governance Is Very Stubborn, By Owei Lakemfa
Asal Usul Texas Holdem Poker – Agora Poker – hao029 on The Origins of Texas Holdem Poker
Malawi has asked Mike Tyson to be its cannabis ambassador - Techio on Malawi lawmaker Chomanika against Mike Tyson’s appointment as Cannabis Brand Ambassador over sex offence
Finley Mbella on Brand Chakwera leaks Part 1
Maria Eduarda Bernardo on The 2021 Guide to Trading Forex Online
Atsogo Kemso, Political Foot Soldier on Why MCP and UTM Alliance Will Fail
Em. Prof. Willem Van Cotthem - Ghent University, Belgium on Malawi army, National bank cover Chilumba barrack with trees
Christopher Murdock on Why dating older woman is dangerous?
Samantha The Hammer on Why dating older woman is dangerous?
Muhindo Isevahani on The Cold War Against TB Joshua
JCON/SCOAN/BKN(888/8885/8808) on The Cold War Against TB Joshua
Keen Observer on Jesse Kabwila, Then and Now
Francesco Sinibaldi on Advertising in 2020 and beyond