The Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Mgu has advised Designated Non-Financial Institutions (DNFIs) to stay away from money laundering and all forms of economic and financial crimes and to always be guided by the law in all their business dealings.
He gave the advice on Tuesday, December 17, 2019 in a sensitization programme, organized by the Commission at its Abuja Zonal Office, tagged: “Sensitization of Designated Non-Financial Institutions on their Obligations under the Money Laundering (Prohibition) Act 2011(As Amended),” drawn up by the Commission to enlighten DFNIs on their obligations in the anti-corruption fight and on Nigeria’s anti-money laundering and terrorist financing laws and sanctions for non-compliance.
The EFCC boss, who was represented by Fumilayo Adewole Adepetan of the Commission’s Special Control Unit Against Money Laundering, SCUML, explained that money laundering was “the washing of dirty money to make it look clean,” and that it goes hand-in-hand with terrorism.
Magu, who advised directors of the participating organizations to enlighten their staff on the need to comply with the country’s set laws in the areas of money laundering and terrorist financing further explained the difference between Cash-Based Transactions Report, (CBTRs) and Currency Transaction Reports, (CTRs) and indicated the various sections of the law that regulate them.
Some of the participants described the programme as an“eye opener,” and expressed happiness for the knowledge they gained.
The Special Control Unit Against Money Laundering, SCUML, of the EFCC is charged with the responsibility of monitoring, supervising and regulating the activities of Designated Non-Financial Institutions(DNFIs) in line with the provisions of the Money Laundering(Prohibition) Act, 2011, (As Amended) and the Terrorism(Prevention) Act(TPA) 2011 (As Amended).
Wilson Uwujaren
Head, Media & Publicity
17 December, 2019
