The Executive Chairman, Economic and Financial Crimes
Commission, EFCC, has charged Designated Non Financial Institutions
Businesses and Professions, DNFBPs on compliance and cooperation
with the Commission in order to combat money laundering and
terrorist financing in the country.
Olukoyede made the call recently in Port Harcourt,
Rivers State during A One-day Anti-Money Laundering/ Combating Financing of
Terrorism/ Countering Proliferation Financing AML/CFT/CPF Workshop
for DNFBPS on Compliance and Obligations themed: “Effective
Implementation of AML/CFT/CPT Measures Among The DNFBP Sector in Nigeria”
Speaking through the Director, Special
Control Unit Against Money Laundering (SCUML), Deputy Commander of the
EFCC, DCE Harry Erin, he stressed that it was important for
relevant stakeholders to do their part in the fight against money laundering
and terrorist financing but decried poor compliance and lack of due
diligence by some DNFBPs in the areas of Know Your Customer (KYC) and
Suspicious Transaction Report (STR) in their business dealings with
clients
Erin pointed out that greater amounts of money
being laundered are as a result of lack of due diligence and non
compliance with enabling laws guiding the operations of DNFBPS. He sued
for stronger synergy between the EFCC and DNFBPs to bring money laundering and
terrorist financing to its knees. "If the DNFBP Sector in
Nigeria works hand in hand with the EFCC, we would tackle the monster of
money laundering in Nigeria”, he said.
The SCUML Director thereafter urged participants
to protect the integrity of their professions by blocking every loophole
available for money laundering by complying with the AML Act and other enabling
laws. The compliance, he said, will also crown the efforts of the
Commission in ensuring Nigeria is delisted from the Financial Action Task
Force, FATF’s grey list.
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