Prof. Bolaji Owasanoye (SAN), Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), has called on the United Nations and the international community to unmask the owners of artificial legal entities in order to combat money laundering, Illicit Financial Flows (IFFs), and hidden ill-gotten wealth.
The International Commission Against Corruption (ICPC) chief made the statement while speaking on a panel at the Ninth Session of the Conference of the States Parties (CoSP9) to the United Nations Convention Against Corruption (UNCAC), which was held at the International Conference Centre in Sharm El-Sheikh, Egypt, and organized by the United Nations Office on Drugs and Crime (UNODC).
Prof. Owasanoye stated that artificial legal entities were being used for illegality and financial crimes, including illicit financial flows, in his remarks on draft resolution L9, entitled "Enhancing Access and Use of Beneficial Ownership Information to Facilitate the Identification, Recovery, and Return of Proceeds of Crime."
"We've had a slew of meetings and conferences on beneficial ownership," he explained further. It is imperative that we take immediate action. We must act immediately and remove the veil that has been placed over these bogus legal companies that are being exploited to commit crimes against poor countries.
"Lifting the curtain on these owners of fictitious legal organizations will aid in the asset tracking and recovery of concealed and stolen cash," the authors write. The developing countries are being robbed of the funding that they require for their own growth.
It is not necessary to have a continual dispute about fake legal entities and beneficial ownership," says the author. We must limit the number of meetings and debates we hold and take immediate action. Action is necessary, and that action is the removal of the curtain that has been placed over these proprietors. Those who are behind these fictitious companies must be identified.
Even though the ICPC Chairman applauded charitable efforts, he cautioned that charities are increasingly being utilized for unscrupulous purposes.
According to him, intelligence agencies should share information and collaborate in order to better support them in their activities. He also stated that the lack of openness and information makes it harder to identify those responsible for crimes.
Attending the CoSP9 are high-ranking government officials and heads of anti-corruption agencies from countries such as the United States, United Kingdom, France, the Netherlands; Australia; Austria; Ukraine; India; the United Arab Emirates; Nigeria; Egypt; Burkina Faso; and Mali, as well as representatives from international bodies and civil society organizations. The private sector is also represented at the conference.
A related issue is that Professor Owasanoye has urged for worldwide collaboration and information sharing in the fight against corruption if the Sustainable Development Goals (SDGs) are to be fulfilled by the year 2030.
This was stated by the Chairman of the International Commission Against Corruption (ICPC) while speaking on a panel at a side event organized by the International Anti-Corruption Academy (IACA) during the Ninth Session of the Conference of the States Parties (CoSP9) to the United Nations Convention Against Corruption (UNCAC) in Sharm El-Sheikh, Egypt, on September 22nd.
"If corruption is not addressed, it has the potential to impede efforts to achieve the Sustainable Development Goals (SDGs)." It worsens poverty while also widening the gap between rich and poor.
Therefore, networking and information sharing have become essential in the fight against corruption, as well as in addressing poverty and inequality disparities, according to Owasanoye.
