SolomonCalleb Ngoma (CAMS, CFE, ACCA-DipFM)’s Post

I saw a post on Tunde Ednut's page that raises important questions about attitudes toward financial integrity in Nigeria. The post describes an incident where a woman discovered $1 billion in her bank account and reported it to the bank, after which her balance was taken back to $10,000 which was the original money in her account. A poll was done with over 40,000 participants, and the results showed that only 24% of people said they would return the money. In contrast, a large majority of 76% said they wouldn't give it back and would rather keep it for themselves. The comments from people also showed that many agreed with this viewpoint. As trivia as this may look, this scenario brings up an important conversation about what we value as a society and how we hold each other accountable. Because it is a reflection of what the future holds for our dear nation, it is easy to condemn the government for its misconduct and misdemeanours right? However, as citizens, one critical question we should ask ourselves is "Are we inherently better than the government, or we simply do not yet have the opportunity to demonstrate our potential for misconduct and corruption?" If we must hold our government accountable for their corrupt and unethical practices, we the citizens must first strive to be good people and have a track record of integrity and upholding ethical practices, Only then can we come together, speak up, and demand better leadership and more honest governance.

Ghana's financial sector has faced numerous challenges over the years, from the sector clean-up to the collapse of fraudulent savings and loans schemes. The prevalence of these issues raises a critical question: Is our regulatory framework strong enough to effectively prevent fraudulent financial products from entering the market? The frequent crises point to potential gaps in governance and oversight. While regulations exist, the consistent failure to identify and address financial malpractice in a timely manner indicates that enforcement and accountability may not be as robust as they should be. To restore trust and stability, there is a need for a stronger commitment to ethical practices and a more proactive regulatory approach. Ensuring that financial institutions operate with transparency and integrity is key to safeguarding the public’s interest. What do you think are the root causes, and how can we as professionals contribute to a more ethical and secure financial environment? hashtag #Finance #Ghana #Ghanabusiness #financeGhana #Business #scandals #charteredAccountants #accountants #FinanceDaily

Zambia Legal Alert: The Securities and Exchange Commission has issued the Securities (Internal Controls on Financial Reporting) Guidelines, 2024, which are aimed at strengthening corporate governance and financial accountability in the securities market. The guidelines establish mandatory standards for companies to implement robust internal controls over financial reporting to enhance transparency, accuracy and reliability in financial disclosures. Public companies and entities regulated under the Securities Act must design and maintain a system of internal controls to prevent fraud, ensure compliance with financial regulations, and facilitate timely and accurate reporting of financial information. Key provisions include mandatory audits, risk assessments and board-level oversight of financial-reporting processes. The guidelines emphasise the role of senior management in ensuring the integrity of financial controls and mandate periodic reviews to adapt to evolving regulatory requirements and organisational risks. Companies must submit detailed reports on their compliance with the guidelines as part of their annual disclosures. Afriwise #zambia #compliance #legalalert #financialreporting #corporategovernance #lawandlegislation #fraud #disclosure

The recent forfeiture of 753 housing units and other properties linked to former Central Bank of Nigeria Governor Godwin Emefiele raises significant questions. These properties were seized following a court ruling that they were likely acquired through proceeds of unlawful activities. The case reflects broader concerns about corruption and accountability in public office in Nigeria. Here are 10 thought-provoking questions to consider: 1. What mechanisms allowed Emefiele to allegedly accumulate such wealth during his tenure, and how were they overlooked? 2. What role does Nigeria's financial monitoring system play in detecting similar activities early? 3. How can the government ensure transparent redistribution or utilization of forfeited properties? 4. What does this case reveal about the oversight of high-ranking public officials in Nigeria? 5. What lessons can be drawn to strengthen anti-corruption efforts in the financial sector? 6. How might this case affect public trust in the Central Bank and other institutions? 7. What can be done to prevent potential misuse of power by future public officeholders? 8. What are the implications of this case for Nigeria’s international reputation concerning financial integrity? 9. How can citizens and civil society organizations contribute to promoting transparency in governance? 10. What safeguards should be implemented to prevent proceeds of corruption from being hidden in real estate and other sectors? This case highlights the need for systemic reforms in governance, transparency, and public accountability to deter similar incidents in the future. QLB GLOBAL LIMITED #qlbluxuryhome

‪COMPULSORY| Starting in November 2024, Namibia will enter a compulsory reporting phase for its anti-money laundering initiatives, lasting until May 2026. During this period, the country will follow six-month reporting cycles to demonstrate progress on the 13 Action Items outlined in its Action Plan, according to the Financial Intelligence Centre of Namibia (FIC). FIC Director Bryan Eiseb emphasised the country's commitment to strengthening its anti-money laundering framework, stating, “Our ongoing commitment to enhancing our anti-money laundering regime is critical, and we are dedicated to meeting the timelines set forth by the Financial Action Task Force (FATF).” This follows Namibia's greylisting by the FATF on 23 February 2024. If Namibia can demonstrate significant progress and provide evidence of the effectiveness of its anti-money laundering measures, it may be able to exit the process ahead of the scheduled timelines, Eiseb noted. Report: Justicia Shipena

“Compliance” a compulsory language within a business context By Nesdha De Jongh - CPrac (SA), ICCP (IFCA) In Namibia, the compliance landscape is rapidly evolving, with high anticipation of critical regulations that will reshape the financial sector. With pivotal legislation such as the Financial Institutions Markets Act (FIMA) on the horizon, aimed at enhancing financial soundness and stability within the non-banking financial sector, and the recent amendments to the Financial Intelligence Act of Namibia to strengthen anti-money laundering measures, businesses are bracing for significant regulatory changes. Additionally, the impending implementation of the Consumer Protection Act, designed to safeguard consumers during financial transactions, underscores the regulatory commitment to ensuring fair and ethical practices in the financial sector. https://lnkd.in/dWKNwNwx #namibia #compliance #regulations #consumers

FATF Plenary: What Next for Kenya? 🌍 The recent FATF Plenary (October 23-25, 2024) held in Paris, highlighted crucial outcomes for combating financial crime. Key highlights include: ♦️ Financial Inclusion: Integrating financial inclusion within AML/CFT frameworks while ensuring robust regulations. ♦️ Progress Monitoring: Evaluating grey-listed countries on their compliance improvements. ♦️ Beneficial Ownership Transparency: Enhancing transparency in ownership structures to prevent misuse. ♦️ Virtual Asset Regulation: Updating guidelines for cryptocurrencies to mitigate risks. Changes in Grey Listing: ♦️ Removed: Senegal ♦️ Added: Lebanon, Algeria, Angola, and Côte d’Ivoire These outcomes underscore the need for Kenya to bolster its financial systems and compliance measures. Focusing on financial inclusion and regulatory frameworks will be critical for addressing the deficiencies that led to its grey listing and building trust in its financial institutions. Locally, I commend Flywheel Advisory Africa for taking proactive steps to champion Kenya's removal from the grey list by holding Kenya's Inaugural Anti-Financial Crime Summit on October 24-25. The summit focused on: ♦️ Understanding Grey Listing: Developing strategies for Kenya’s delisting. ♦️ Regulatory Compliance: Enhancing frameworks to meet international standards. ♦️ Multi-Sectoral Cooperation: Fostering dialogue to build a unified front against financial crime. Through collaboration, we can strengthen Kenya's AML/CFT regime and align with FATF guidelines. What steps do you think are essential for enhancing compliance frameworks? Share your thoughts below! 👇 #FATF #AML #FinancialCrime #Kenya #Compliance

The evolving landscape of financial regulation in Nigeria demands heightened attention to tax reporting and privacy from banks. A significant case between ACCION Microfinance Bank v Anambra State IRS illuminates these challenges and the crucial balance required between adherence to tax laws and the protection of customer data. Discover how Nigerian banks are navigating these complex regulations and what this means for the future of financial compliance and privacy. Explore our detailed article titled " Banks' Tax Reporting Obligations and Privacy Concerns in Nigeria: A Look at ACCION Microfinance Bank v Anambra State" authored by Samuel Oyenitun https://lnkd.in/dNVFNgHG #BankingRegulation #DataProtection #FinancialCompliance

I am pleased to share my latest article (https://lnkd.in/dy3aSaWk) on the topic “Balancing Financial Inclusion with Financial Integrity in Kenya.” As Kenya starts her journey out of the Financial Action Task Force (FATF) grey-list, one of the key considerations that the government and financial services regulators will need to take into account is the impact of the proposed remedial measures on ongoing financial inclusion initiatives. The need to balance financial inclusion with financial integrity cannot be over-emphasized and compliance with global anti-money laundering standards should not have the un-intended consequence of stifling financial inclusion initiatives in Kenya, and in particular, reversing the economic gains brought about by innovative services such as mobile money. It is therefore of critical importance that as Kenya implements measures to address the various deficiencies noted in the FATF assessment, such measures must facilitate the continuation of existing financial inclusion initiatives, while ensuring the integrity of the systems used to deliver financial services so that they are not used for money laundering and terrorist financing. The full article is also appended below.

Advocaat Law Practice is committed to keeping our clients and community informed on the latest developments in the finance industry. This past month, several significant circulars, press releases, and notifications were issued by the Central Bank of Nigeria (CBN). Here are the highlights:   National Cybersecurity Levy Withdrawn: After strong opposition, the May 6, 2024 rule that a 0.5% tax be applied to all electronic transactions was rescinded on May 17, 2024. This development underscores the importance of responsive and adaptive financial regulation. Extension on Suspension of Processing Fees: Until September 30, 2024, the CBN will not charge processing costs for cash deposits exceeding N500,000 for individuals and N3,000,000 for corporate entities. This extension alleviates the financial strain on individuals and businesses during these challenging economic times.   New Guidelines for Bureau de Change Operations: On June 3, 2024, the CBN published extensive recommendations aimed at reforming the Bureau de Change subsector. These guidelines, which replace the previous ones from November 2015, include new requirements for licensing, acceptable activities, financial obligations, and corporate governance norms.   For detailed information read more: https://lnkd.in/d_ppsPNh   #FinanceUpdates #CBN #CybersecurityLevy #BankingRegulations #NigeriaFinancialIndustry #LegalInsights #AdvocaatLawPractice