EFCC Boss, Magu, Charges Professionals On Money Laundering

EFCC Boss, Magu, Charges Professionals On Money Laundering

Ibrahim Magu, the Acting Chairman, Economic and Financial Crimes Commission, EFCC, has reiterated the important role that stakeholders in the property sector have to play in combating money laundering and the financing terrorism in Nigeria.

“Money laundering at the highest level affects us all, as it steals money from you and me and erodes trust and confidence in our leaders, and the very worst thing we can do is to keep silent about it,” he said.

Magu who made the charge at a one-day workshop organized by the Nigerian Institution of Estate Surveyors and Valuers, NIESV, in collaboration with the Special Control Unit against Money Laundering, SCUML, on December 6, 2017 at the International Conference Center, further stressed the need to “identify the real owners of properties at any point in time”.

In his presentation, at the workshop with the theme, “Prevention of Money Laundering and Terrorist Financing Through Property Transactions”, delivered by Francis Usani, head, Nigerian Financial Intelligence Unit, NFIU, Magu further urged participants to partner with the EFCC in the fight against corruption.

“I charge this gathering to come up with measures as to how we can establish transparency over who owns property or the companies that own which property in our country,” he said.

He further noted that six countries in the world, including Afghanistan, France, Kenya, the Netherlands, Nigeria and the United Kingdom, signed up to publish registries of who owns and controls companies. He added that six more countries, Australia, Georgia, Indonesia, Ireland, New Zealand and Norway, have also agreed to work to explore doing same.

He reminded the gathering of the vital role that the professionals have to play in societal development, stressing that, “this body is one of the Designated Non-Financial Institution, saddled with the responsibility to register and report to SCUML, which is charged with the responsibility of monitoring, supervising and regulating the activities of the DNFIs as stipulated in the Money Laundering (Prohibition) Act 2011 (as amended) and the Terrorism (Prevention) Act 2011 (as amended) as well as the SCUML Regulations 2013 and 2016”.

Harping on the views of Magu, Director of SCUML, Bamanga Bello, reiterated the need for collaborative approach to overcome the menace of money laundering. “The public sector, the private sector, the business community and even the ordinary citizen must play a role in combating money laundering and terrorist financing,” he said.

Describing the professionals as “critical stakeholders”, Bello, noted that, “we need to come together and work together to overcome the menace of money laundering, because if it is not checked, it could harm the economy and national security, and by extension, the image and reputation of our country”.

National President of NIESV, Dr. B. J. Paunola–Ajayi, gave assurance that the body being a major player in the nations economy, was determined to address the challenges of the 21st century by capacity building and service efficiency, effectiveness and productivity and to map policies to control all transactions involving real estate.