Seychelles hosts first in person meeting of Africa Beneficial Ownership Transparency Network
October 09, 2024
Seychelles is hosting the first ever in person meeting of the Africa Beneficial Ownership Transparency (AfBOT) Network, at Eden Bleu.
Speaking at the official launch this morning, Minister for Finance, National Planning and Trade, Naadir Hassan has welcomed the collaboration of African countries in standing united "to promote beneficial ownership transparency as a fundamental principle of good governance and sustainable development."
He illustrated Seychelles commitment to enhance its legislative framework to ensure compliance with international requirements.
"The Seychelles government is proud of the extensive reforms it has undertaken, particularly over the past five years, in the field of transparency and beneficial ownership."
Seychelles introduced the Beneficial Ownership Act and the Anti-Money Laundering and Countering the Financing of Terrorism Act in 2020.
"A strong legislative base has permitted Seychelles to be a meaningful partner in the global anti-money laundering sphere, and combating illicit financial flows."
Concluding his remarks he has urged members of the Network to show support to each other.
"It is imperative that we advocate for appropriate recognition for our members’ growing strength in promoting transparency and meeting international standards, especially in the review and evaluation processes. It is through unity and strength that we can this move this continent forward".
All together 13 African Governments are attending this meeting, whereby they are reviewing efforts to prevent corrupt actors using opaque corporate structures to hide ill-gotten money. They are also discussing the impact company ownership transparency reforms across the continent are having.
The Africa Beneficial Ownership Transparency Network is a member-led initiative convened by the African Development Bank and the UK Foreign, Commonwealth and Development Office, and supported by Open Ownership.
Other speakers at the opening ceremony were Lord Collins of Highbury - UK Minister for Africa, Abdoulaye Coulibaly of the
African Development Bank and Dr. Patrick Olomo of the African Union.
African Development Bank and Dr. Patrick Olomo of the African Union.