The Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu has expressed the Commission’s preparedness to go after any operator of Designated Non-Financial Institutions (DNFIs) found to be aiding or abetting money laundering and terrorism financing in the country.
He gave the warning on Thursday while declaring open a one-day sensitization seminar organised by the Special Control Unit against Money Laundering (SCUML), Enugu zonal office of the EFCC.
Represented by EFCC’s Zonal Head in the South East, Adamu Hamisu Danmusa, Magu lamented the dangers in money laundering and terrorism financing, describing it as evil and crime against humanity.
“Nigeria is ours and we as individuals must in our little ways help the government and the Commission in eradicating money laundering and terrorist financing. You have no choice than to do the right thing always because after all, ignorance is not an excuse in the court of law”, he said.
According to him, the Commission was ready to beam its searchlight on the activities of unpatriotic citizens who were in the habit laundering illicit money through placing, layering and integrating it into the open market to make it look genuine.
The EFCC boss urged participants to always ask questions regarding the source of funds that come their ways in the course of their duties, warning that violators of necessary regulations would be brought to justice.
Nonso Uchegbu, a resource person at the event, painstakingly highlighted the different ways money could be laundered.
He decried money laundering and terrorism financing, stressing the need for the DNFIs to partner the Commission in fighting the menace.
Uchegbu, who underlined steps expected of operators of DNFIs in reporting cases to SCUML warned that serious sanctions await operators who failed to comply with the Commission’s SCUML mandate.
“You must have a comprehensive Customer Data Book in order to have all-inclusive information of all their actions. Besides, co-operation among and with the Commission is the key factor in winning this war as government alone does not have the ability to effectively combat this menace”, Uchegbu said.
The seminar was aimed at educating operators of DNFIs on their obligations under the ‘Money Laundering Act’ and to solicit their support in eradicating money laundering and terrorism financing.
DNFIS are institutions and businesses other than banks that deal with large amount of money and other financial related transactions. These include but not limited to businesses like Tax Consultants, Hotels, Casinos, Supermarkets, Estate Valuers, Accountants, Lawyers and Non-Governmental Organisations, NGOs.
The seminar was attended by participants drawn from over forty DNFIs in the five south eastern states including representatives from regulatory agencies in the zone.
