EFCC Warns Compliance Officers, BDC Operators Against Suspicious Transactions

EFCC Warns Compliance Officers, BDC Operators Against Suspicious Transactions

The Acting Chairman of the Economic and Chairman Financial Crimes Commission, EFCC, Ibrahim Magu, has warned Compliance Officers of banks and Bureau De Change (BDC) Operators in Port Harcourt, Rivers State to steer clear of illicit cash movements during the forthcoming general elections. He gave the charge on Tuesday, February 19, 2019 during an interactive session with the bankers and BDC operators.

Magu, who was represented by Mr. Abdulrasheed Bawa, the Port Harcourt’s Zonal Head of the EFCC, said that intelligence reports have shown unusual cash movements across the Zone. He charged the Compliance Officers and the BDC Operators to be patriotic and professional in sending requisite reports of cash movements and illicit transactions to the Commission. “We observed unusual cash movements and suspicious transactions in the build -up to the elections and to our dismay, there is no report whatsoever about such movements. No currency transaction reports. No suspicious transaction reports and yet banks and forex dealers are part and parcel of this very unusual development”, he said.

The Acting Chairman stressed that politicians cannot move cash across the country or make huge foreign currency transactions without the connivance and collaboration of bankers and forex dealers. He cautioned them against providing platforms through which such movements and transactions are carried out. “We are providing the platforms for politicians to do what they are doing. If the banks are not providing platforms for politicians to do what they are doing, they will not do it. They will know that they don’t have a platform to launder those funds”, he said.

He appealed to the patriotism and professional ethics of bankers and forex dealers to support the EFCC in combating money laundering and other financial and economic crimes. “While we are moving towards the election, we have an obligation to sanitize the country. The task is higher and we can’t do that alone. We want you to do your work professionally and fulfil your patriotic duties accordingly”, he said.

The meeting was well – attended by 18 Compliance Officers of different banks in the Port Harcourt’s Zone.