GIABA ESTABLISHES WEST AFRICAN BENEFICIAL OWNERSHIP TRANSPARENCY FORUM
The GIABA Secretariat has set up the West African Beneficial Ownership Transparency Forum (WABOT- Forum) to follow through the implementation of the West African Commitment to Enhancing Beneficial Ownership Transparency, as part of measures to enhance Beneficial Ownership (BO) transparency in the region.
This initiative aligns with GIABA strategic priorities and also member States’ commitment to effectively implement the requirements of the Financial Action Task Force (FATF), especially on Recommendations 24/25 and Immediate Outcome 5 (transparency of legal persons and arrangements) as well Extractive Industry Transparency Initiatives and other international standards on BO transparency.
The Forum will provide a platform for sharing of experiences, exchange of ideas and best practices on the implementation of BO transparency; facilitating provision of technical support to members on implementation of BO registers; enhancing advocacy on BO transparency in the region; addressing emerging practices and reforms in BO reporting; strengthening networking / public-private partnership in the implementation of BO measures in the region, and promoting the implementation of members’ obligations under the West African Commitment to Enhancing Beneficial Ownership Transparency.