EFCC Charges BDC Operators on Illicit Cash Movement

EFCC Charges BDC Operators on Illicit Cash Movement

The Sokoto Zonal office of the Economic and Financial Crimes Commission, EFCC, in an effort to curb kidnapping and banditry, has called on bureau de change operators not to compromise on issues of illegal cash movement.

This call was made on Thursday, July 2, 2020 by the Zonal Head of the Commission, Abdullahi Lawal, at a meeting held at the Sokoto Zonal Office with BDC Operators.Lawal reminded the operators that the Commission was saddled with the responsibility of investigating and prosecuting those involved in money laundering, terrorist financing as well as monitoring suspicious movement of money between bureau de change operators and their customers.”

This cannot be achieved by the EFCC alone but with the help of your Institution”, he said. According to him, “The EFCC is ready to deal with individuals, groups and organisations that conspire with the bad eggs in the country to perpetrate the act of money laundering and banditry financing.” In a renewed bid by the agency to curb terrorism financing and money laundering in Nigeria, the Sokoto Zonal Head further called on all bureau de change operators in Sokoto and environs to keep records of all transactions or face the risk of prosecution.

He took time to sensitise them on requirements of the law regarding their business, which include registering with the Special Control Unit on Money Laundering (SCUML), keeping records of transactions, knowing their customers and reporting suspicious transactions to the EFCC.In his words, “A lot of the money going out or coming into the country is through the BDC and it is important to monitor who is moving what and for what purposes.

We have to salvage this country but we can’t do that alone.” In response, Chairman, Yar Abba Bureau de Change Sokoto, Aliyu Sahabi Yar Abba, appreciated the Commission for deeming it fit to sensitize the operators, stressing that this members needed more sensitization programmes on the dos and don’ts of the business, ills of money laundering and its consequences.He added that the association had a Compliance Unit which monitors activities of members.