CAC, NAICOM partner against money laundering

The Corporate Affairs Commission (CAC) and the National Insurance Commission (NAICOM) will partner to further boost the fight against money laundering in the country.

The resolution was reached when Mr Thomas Olorundare, Commissioner for Insurance and CEO of NAICOM visited the Registrar General of the CAC, Alhaji Garba Abubakar, on Thursday in Abuja.

Olorundare said access to the CAC’s database, particularly its Beneficial Ownership Register (BOR) is fundamental to enriching its operations.

He said that accessibility of the Commission’s BOR database would also help in reaching its targeted goal.

The NAICOM boss, however, applauded the Commission’s reforms and prayed for a stronger working relationship with the CAC.

Responding, Abubakar said that since 2021 that the Commission began the implementation of CAMA Act, 2020, it had made available details of Persons with Significant Control (PSC) in all newly registered companies.

Abubakar said it was challenging for the CAC to capture PSCs for all the nearly five million registered entities, as some of them were legacy companies.

He  assured that in the near future,  the BOR would be a standalone register in open data format to provide  access for the download of information.