The Executive Chairman of the Economic and Financial
Crimes Commission, EFCC, Mr. Ola Olukoyede on Tuesday, July 8, 2025, charged
the Designated Non Financial Business and Professionals, DNFBPs, not to
compromise the fight against anti-money laundering and counter-terrorist
financing (AML/CFT) mechanisms by failing to protect their entities from being
used for financial crimes.
He made the charge at the opening ceremony of a two
-day workshop for the sensitization of DNFBPs on their compliance obligations
under the Anti- Money Laundering and Combating the Financing of Terrorism
(AML/CFT) Regime with the theme: Effective Implementation of Anti-Money
Laundering and Combating the Financing of Terrorism (AML/CFT) Measures in the
DNFBPs in Nigeria.
According to Olukoyede, the DNFBPs sector from
the National Risk Assessment, NRA's analysis, are the
most vulnerable sector to money laundering and terrorist financing.
Assistant Commander of the EFCC, ACE II Musa Giwa
Yusuf, who represented the Chairman of the EFCC, said necessary actions are
being taken by SCUML and other AML/CFT stakeholders to protect the DNFBPs
sector from the vagaries of money launderers and terrorism financiers.
"As you may be aware, the Special Control Unit
against Money Laundering , SCUML, is charged with the responsibility to
monitor, supervise and regulate the activities of Designated Non-Financial
Businesses and Professions , DNFBPs, for the purpose of implementing AML/CFT
measures in Nigeria.
According to him, the workshop was one of the outreach
programmes designed to create awareness and build capacity for AML/CFT
compliance in the DNFBP sector in Nigeria
He disclosed that money laundering and terrorist
financing (ML/TF) are financial crimes with significant negative economic and
security impacts.
"No economy can grow where money laundering is
endemic. Its prevalence distorts macroeconomics policies and endangers the
financial system"
"It is without doubt that money laundering and
terrorism financing remains 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 more ways of exploiting the vulnerabilities in regulations, standards
and operations of some economic sectors to perpetrate money laundering and
terrorist financing”, he said.
Olukoyede disclosed that the Financial Action Task
Force, FATF, came up with 40 Recommendations which are considered as the
international standard for combating money laundering and terrorist financing
as well as the financing of the proliferation of weapons of mass destruction
(WMD) for countries to implement.
Talking about the workshop, he said
“the main objective of this workshop is to sensitize you on your
compliance obligations under the Nigerian Anti- Money Laundering and Combating
the Financing of Terrorism (AML/CFT) Laws and Regulations and to enhance your
knowledge and capacity for effective AML/CFT compliance.
"The workshop is also designed to enhance your
awareness and understanding on how your organizations could be abused by money
launderers and terrorist financiers to perpetrate their unscrupulous
activities"
"The workshop is also designed to enhance your
knowledge and capacity for effective AML/CFT compliance," he said.
In his opening remarks, the
Component Manager, ROLAC, Dr Emmanuel Uche, who was represented by
Patience Samuel Inyang, the Project Assistant for the Anti-Corruption component
of the Rule of Law and Anti-Corruption (RoLAC) Programme, appreciated the EFCC
and SCUML for the workshop, describing it as a crucial sensitization
workshop on (AML/CFT/CPF).
He said the workshop is a testament to the collective
commitment to safeguarding the integrity of the financial system and, by
extension, the security and prosperity of the Nigerian nation.
According to her, the workshop is designed to equip
the stakeholders with the knowledge and tools necessary to effectively combat
the threats posed by money laundering and terrorist financing.
She revealed that money laundering and terrorism
financing are not mere financial crimes, adding that they are
serious threats that undermine national security, fuel corruption, and hinder
sustainable development.
"We are gathered here today because we recognize
the critical role that each of you plays in the fight against these illicit
activities"
She affirmed that the fight against money laundering
and terrorist financing is a continuous one, stating that it requires constant
vigilance, adaptation, and collaboration.
She called on the stakeholders to work together, with
the EFCC and the SCUML, to create a safer and more secure financial system for
all Nigerians.
The engagements had in attendance representatives from
the Nigerian Bar Association, NBA, Institute of Chartered Accountants of
Nigeria, ICAN, Real Estate Developers Association of Nigeria, REDA, Lottery
Regulatory Office, and the Nigerian Institution of Estate Surveyor and Valuers.
