EFCC, ROLAC Partner to Sensitise DNFIs Against Money Laundering
The Economic and Financial Crimes Commission, EFCC has called on operators of the Designated Non-Financial Institutions, DNFIs in Kano to be cautious of criminal elements who disguise as businessmen just launder proceeds of illegal activities.
The call was made by the Director, Special Control Unit against Money Laundering, SCUML, Francis Usani, during a two-day workshop organised by Rule of Law and Anti-Corruption Commission, RoLAC, in collaboration with SCUML and funded by the European Union.
Represented by the Head, Information and Data Management of SCUML, Ibinabo Mary Amachere, he urged DNFIs to partner with the Commission in tackling money laundering and terrorist financing, which is currently on the rise in Nigeria.
“No economy can grow where money laundering is prevalent and endemic, because its prevalence distorts macroeconomic policies and endangers the stability of global financial systems,” Amachere said.
Stressing the importance of Knowing Your Customer, KYC in business transactions of any kind, Amachere noted that looters and financiers of terrorists are now engaging DNFIs to launder money and reroute same to terrorists.
Amachere said: “It is without doubt that money laundering and terrorism financing remain a problem in both developing and developed economies of the world.
“The dynamics of this twin evil of money laundering and terrorist financing continue to evolve just as criminals discover new methods of vulnerabilities in our institutions and legal systems.
“As a result of the lack of adequate supervision and regulation of the DFNIs, criminals have now turned their focus on the DNFIs sector to perpetrate money laundering, terrorist financing, as well as carry out most of their nefarious criminal activities.”
Citing from the Money Laundering (Prohibition) Act 2011, Amachere, highlighted punishments for non-compliance to obligations under the AML/CFT laws and regulations, adding that, “it also safeguards and provides you with immunity from civil liabilities or legal consequences for complying, when you do so in good faith”.
The DNFIs were therefore, urged to adopt laws and regulations amongst themselves in order to prevent being used for money laundering and terrorism financing activities, and to effectively assist the government in tackling the menace.
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