EFCC Boss Calls for Enhanced Stakeholders’ Collaboration In Fight Against Financial Crimes

EFCC Boss Calls for Enhanced Stakeholders’ Collaboration In Fight Against Financial Crimes

The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Ola Olukoyede has called for enhanced synergy and collaboration between the Commission and stakeholders in tackling the menace of economic and financial crimes in the country.

The Chairman made the call on Tuesday June 3, 2025 in Benin City at one day sensitization and engagement of stakeholders on Anti-Money Laundering, Combating the Financing of Terrorism and Counter Proliferation Financing, AML/CFT/CPF workshop organised by the Special Control Unit Against Money Laundering, SCUML of the EFCC.

The Chairman who spoke through the Acting Director, Benin Zonal Directorate, Assistant Commander of the EFCC, ACE I, Effa Okim stated that the workshop aimed at deepening the collaboration between the Commission and stakeholders and to acquaint stakeholders on the activities of the SCUML and the Commission. “Collaboration remains one of our core values and it is key to achieving our mandate. The relevance of ensuring compliance with Anti-Money Laundering laws and regulations by all concerned cannot be over emphasised. We enjoin our stakeholders to ensure compliance of their members with the extant laws and regulations. This will guarantee the realisation of our objective to exit FATF grey list,” he said.

In his paper, “Predicate Offences Identification and Reporting,” Chika Uneke, Superintendent of the EFCC, listed some of the predicate offences to include participation in organised criminal group; racketeering, terrorism, terrorist financing; trafficking in narcotic and psychotropic drugs; corruption, bribery, fraud, currency counterfeiting; extortion, forgery and piracy. According to him, in adherence to the provisions of the Money Laundering (Prevention and Prohibition) Act 2022 by Designated Non Financial Business and Professions, DNFBPs, they are expected to always report to SCUML or the Nigerian Financial Intelligence Unit on the activities of their customers that border on money laundering predicate offences as doing so will accelerate proactive measures to nip such crimes in the bud and also deter the criminals from benefiting from proceeds of such crime.

Ibrahim Boyi, Head SCUML, Benin Zonal Directorate in his paper, “Roles and Responsibilities of Self Regulatory Organisation/Trade Association/Trade Unions, SRO/TA/TU said SRO/TA/TU must monitor its members to ensure compliance, apply relevant sanctions on its erring members, including suspension, withdrawal of licence for non-compliance, develop internal compliance system, sensitization and training programme for their members.

He noted that SCUML was mandated by law to register, monitor and supervise the activities of DNFBPs in relation to AML/CFT/CPF compliance and that new businesses and professions should register with SCUML before commencement of business. He urged business entities to carry out Know-Your-Customer, KYC, and Customer Due Diligence, CDD, in compliance with the regulations.

“Business entities are expected to provide standard data form for their customers to fill. This will include a comprehensive KYC such name, address, phone number, email address and other relevant information. They are expected to carry out due diligence by verifying all information provided to ensure that they are correct. It could entail demanding for valid means of identification,” he said.

He further stated that DNFBPS were to file reports to SCUML within seven days when the transaction exceeded N5million for individuals and N10 million for corporate organisations.

In the same vein, when there is absence of suspicious transactions, DNFBPs are expected to file a nil report to SCUML on a monthly basis. “The law is that you report, so even when it is nil you report to SCUML that it is nil,” he said. He urged SRO/TA/TU to abide by the extant laws and regulations by doing a background checks on their members in order for it to avoid becoming an umbrella body where criminals hide.

Among the participants were automobile dealers, real estate agents, students union leaders and officers of National Orientation Agency, NOA.