Ghana, Nigeria NPO regulators meet in Accra
Regulators from Nigeria's Financial Intelligence Unit have met with regulators from the Non-profit Organisations (NPOs) Secretariat, Financial Intelligence Centre (FIC) and Office of the Registrar of Companies to discuss and strategise ways to regulate the NPO space as part of measures to combat money laundering.
Other key institutions at the meeting included the National Investigation Bureau, Corporate Affairs Commission, Nigeria, and Nigeria's Federal Ministry of Justice.
The meeting was coordinated by the West African Civil Society Institute (WACSI) and aimed at protecting financial systems while safeguarding civil society is underscored.
It was to foster partnerships and to work to preserve the vital role of NGOs and to ensure they work within the confines of the law.
Meeting
Discussion at the meeting focused on registration process and licences for NGOs and companies, types of company registrations, the Criminal Investigation Department’s (CID’s) role in monitoring NPOs to prevent the abuse of the mandates and
The meeting was aimed at strengthening the regulatory environment for nonprofit organisations (NPOs) across the West-African Sub-region.
The Minister of Gender, Children and Social Protection (MoGCSP), Dr Agnes Naa Momo Lartey, congratulated Nigeria on their recent exit from the Financial Action Task Force (FATF) and gray listing.
FATF is an international body that regulates countries on money laundering and terrorist financing.
NPO regulation
In view of NPO regulation in the country, she said the country was developing a new NPO Bill aimed at streamlining registration processes, enhancing oversight roles, and ensuring a risk-based and inclusive regulatory system.
“A major milestone in this regard is the development of a new NPO bill, which seeks to streamline registration processes, strengthening, oversight roles, and also ensure that the regulatory system remains a risk base, inclusive, as well as responsive to emerging global standard,” she said.
She said the bill would align with emerging global standards, with the support of the NPO Secretariat and stakeholders.
She expressed the Ministry's commitment to build a fit-for-purpose system that protects the integrity of the NPO sector, promotes accountability, and reinforces public trust.
Dr lartey said the Ministry was dedicated to working closely with the NPO sector and partners to reform and ensure compliance in the space.
“As a Ministry responsible for policy oversight over the NPO regulatory framework, we reaffirm our commitment to building fit for purpose systems,” she said.
She expressed the hope that the engagement would strengthened the bond between the institutions from the two countries.
Guidelines
The Head of the Non-Profit organisation Secretariat at the MoGCSP, Felix Logh, urged individuals involved in NPO activities to consult the Secretariat for proper guidance, giving an example of the MTN Foundation, which operates independently from the MTN company,
He stated that their operational procedures were flexible, allowing NPOs to function independently within guidelines provided.
The regulators at the meeting expressed commitment to collaborate to reveal suspicious activities within NPOs which sometimes reveal illegal or illicit financing.
