The Executive Chairman of the Economic and
Financial Crimes Commission, EFCC, Ola Olukoyede has called for
enhanced synergy and collaboration between the Commission and stakeholders in
tackling the menace of economic and financial crimes in the country.
The Chairman made the call on Tuesday June 3, 2025 in Benin City at
one day sensitization and engagement of stakeholders on Anti-Money
Laundering, Combating the Financing of Terrorism and Counter
Proliferation Financing, AML/CFT/CPF workshop organised by the Special
Control Unit Against Money Laundering, SCUML of the EFCC.
The Chairman who spoke through the Acting Director, Benin Zonal
Directorate, Assistant Commander of the EFCC, ACE I, Effa Okim stated
that the workshop aimed at deepening the collaboration between
the Commission and stakeholders and to acquaint stakeholders on the activities
of the SCUML and the Commission. "Collaboration remains one of our
core values and it is key to achieving our mandate. The relevance of ensuring
compliance with Anti-Money Laundering laws and regulations by all
concerned cannot be over emphasised. We enjoin our stakeholders to ensure
compliance of their members with the extant laws and regulations. This will
guarantee the realisation of our objective to exit FATF grey
list," he said.
In his paper, “Predicate Offences Identification and
Reporting,” Chika Uneke, Superintendent of the EFCC, listed some of
the predicate offences to include participation in organised criminal group;
racketeering, terrorism, terrorist financing; trafficking in
narcotic and psychotropic drugs; corruption, bribery, fraud, currency
counterfeiting; extortion, forgery and piracy. According to him, in adherence
to the provisions of the Money Laundering (Prevention and Prohibition) Act 2022
by Designated Non Financial Business and Professions, DNFBPs, they are expected
to always report to SCUML or the Nigerian Financial Intelligence Unit on
the activities of their customers that border on money laundering
predicate offences as doing so will accelerate proactive measures to
nip such crimes in the bud and also deter the criminals from benefiting
from proceeds of such crime.
Ibrahim Boyi, Head SCUML, Benin Zonal Directorate in his
paper, “Roles and Responsibilities of Self Regulatory Organisation/Trade
Association/Trade Unions,
SRO/TA/TU said SRO/TA/TU must
monitor its members to ensure compliance, apply relevant sanctions on
its erring members, including suspension, withdrawal of
licence for non-compliance, develop internal compliance system, sensitization
and training programme for their members.
He noted that SCUML was mandated by law to register, monitor and supervise
the activities of DNFBPs in relation to AML/CFT/CPF compliance and
that new businesses and professions should register with SCUML before
commencement of business. He urged business entities to carry out
Know-Your-Customer, KYC, and Customer Due Diligence, CDD, in compliance with
the regulations.
"Business entities are expected to provide
standard data form for their customers to fill. This will include a
comprehensive KYC such name, address, phone number, email address and other
relevant information. They are expected to carry out due diligence
by verifying all information provided to ensure that they are correct. It could
entail demanding for valid means of identification," he said.
He further stated that DNFBPS were to file reports to SCUML within
seven days when the transaction exceeded N5million for individuals and N10
million for corporate organisations.
In the same vein, when there is absence of suspicious transactions, DNFBPs are
expected to file a nil report to SCUML on a monthly basis. "The law is
that you report, so even when it is nil you report to SCUML that it is
nil," he said. He urged SRO/TA/TU to abide by the extant laws and
regulations by doing a background checks on their members in order
for it to avoid becoming an umbrella body where criminals hide.
Among the participants were automobile dealers, real estate agents,
students union leaders and officers of National Orientation Agency, NOA.
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