The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Olukoyede, has charged Designated Non-Financial Institutions, Businesses, and Professions (DNFBPs) to comply with and cooperate with the Commission in the fight against money laundering and terrorist financing in Nigeria. The call was made during a one-day workshop on Anti-Money Laundering/Combating Financing of Terrorism/Countering Proliferation Financing (AML/CFT/CPF) for DNFBPs in Port Harcourt, Rivers State.
The Director of the Special Control Unit Against Money Laundering (SCUML), Deputy Commander of the EFCC, DCE Harry Erin, lamented the poor compliance and lack of due diligence by some DNFBPs in areas such as Know Your Customer (KYC) and Suspicious Transaction Report (STR) in their business dealings with clients. Erin noted that greater amounts of money being laundered are as a result of lack of due diligence and non-compliance with enabling laws guiding the operations of DNFBPs.
Erin called for a stronger synergy between the EFCC and DNFBPs to bring money laundering and terrorist financing to its knees. He emphasized that if the DNFBP sector in Nigeria works hand in hand with the EFCC, the monster of money laundering in Nigeria would be tackled. The SCUML Director urged participants to protect the integrity of their professions by blocking every loophole available for money laundering by complying with the AML Act and other enabling laws.
The workshop aimed to sensitize DNFBPs on the importance of compliance with AML/CFT/CPF measures. Erin emphasized that compliance would not only help to prevent money laundering and terrorist financing but also contribute to the efforts of the Commission in ensuring Nigeria is delisted from the Financial Action Task Force (FATF) grey list.
The EFCC's call to DNFBPs highlights the importance of collective responsibility in the fight against money laundering and terrorist financing. It is essential for all stakeholders to work together to prevent the abuse of the financial system and promote a safe and secure business environment.
The EFCC's efforts to combat money laundering and terrorist financing are ongoing, and the Commission remains committed to working with DNFBPs to achieve its goals. By complying with AML/CFT/CPF measures and reporting suspicious transactions, DNFBPs can play a critical role in preventing the abuse of the financial system and promoting a safe and secure business environment.
Add comment
Comments