Magu Warns Bureau De Change Operators Over Illicit Transactions
The Acting Chairman of the Economic and Financial Crimes Commission, EFCC, Ibrahim Magu has warned operators of Bureau De Change, BDC, in Benin City, the Edo State capital not to engage in illicit transactions, especially as the elections are set to commence. Magu gave this advice when the Commission hosted members of BDC in Benin City. The EFCC Acting Chairman, who was represented by Mailafia Yakubu, Benin Zonal Head of the Commission said BDCs must not allow themselves to be used by politicians with ill-gotten wealth.
“I called you here based on information available to us that some politicians want to use BDCs for illegal transactions. If somebody comes to you with cash that is beyond the treshold, please report to us. We encourage you to know your customers or any person you are doing business with because if illicit transactions are traced to you, we will not hesitate to deal with the culprit,” Magu stated.
The EFCC boss also called on BDC operators who may not have registered with the Commission’s Special Control Unit against Money Laundering, SCUML, to do so quickly as ignorance is no an excuse in law. The chairman of the BDC’s in Benin City, Alhaji Hamidu Halidu commended the Commission for the engagement, and promised not just to take the message to all members in the city, but compliance on their part to the directives.
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