EFCC Charges DNFBPs on New Anti-money Laundering Legislation

EFCC Charges DNFBPs on New Anti-money Laundering Legislation

The Economic and Financial Crimes Commission, EFCC, has called on Designated Non-Financial Businesses and Professions, DNFBPs, to conduct their dealings in line with the provisions of the Money Laundering Prohibition and Prevention Act 2022.

The acting Director, Lagos Directorate of the EFCC, Michael T. Wetkaz, gave the charge on Wednesday, September 4, 2024, during a one-day sensitization programme organised by the Special Control Unit Against Money Laundering, SCUML, for DNFBPs.

While declaring the event open, Wetkaz also spoke about the global efforts to keep terrorism at bay.

He, therefore, urged the participants not to create room, in their respective businesses, for criminally -minded people to thrive.

According to him, “the financial institutions, to a large extent, have been regulated; and the issues of terrorism have been of great concern, globally. As a result, nations have tightened measures to ensure that the bad people have very limited space or even no space to operate, thereby helping to improve safety and security. But if you allow these criminal activities to pass through your businesses, it will worsen the insecurity situation in the country.

“Please, do your part and report activities that you are obligated to report.

Continuing, he added that “we are doing our part to sensitize you. We do this, so you know what you are supposed to do and you are not caught on the wrong side of the law. We should all work together to make it difficult for the bad actors.

“You have come today so that we can work together to make this country a better place for us all to live in.”

Also speaking, Aminu Ahmed, an Assistant Commander of the EFCC, ACE 11, urged DNFBP operators “not only to report currency transactions of N5,000,000 and above from individuals and N10,000,000 an above from corporate body, respectively, but must also appoint a compliance officer and comply with the AML/ CFT regulations.”

In her remarks, Folasade Oluwasanya, an Assistant Commander of the EFCC, ACE 11, spoke extensively on financial sanctions as well as Politically Exposed Persons( PEPS) reporting.

The training focused on creating more awareness for the DNFBPs on issues such as beneficial ownership and targeted financial sanctions.