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CAC, NAICOM To Intensify Fight Against Money Laundering

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

The resolution was reached during a courtesy call to the CAC by NAICOM.

The Commissioner for Insurance and CEO of the National Insurance Commission Thomas Olorundare Sunday, said access to the CAC’s database, particularly its Beneficial Ownership Register, would be fundamental to enriching its operations.

The NAICOM scribe therefore applauded the Commission’s reform initiatives and prayed for a stronger working relationship with the CAC.

Responding, the Registrar General and CEO of the CAC, Alhaji Garba Abubakar, maintained that since 2021, when the Commission began implementation of CAMA 2020, it has made available details of persons with significant control (PSC) in all newly registered companies.

While addressing some of the concerns of the NAICOM boss, the RG said it was challenging for the CAC to capture PSCs for all the nearly 5 million registered entities, as some of them were legacy companies.

In the near future, Garba Abubakar said, the BOR will be a standalone register in open data format, providing access for the download of information.

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