EFCC to Bankers: Stop conniving with money launderers in Nigeria

*The Economic and Financial Crimes Commission discloses ‘there is no major fraud, especially money laundering that is ever committed without the connivance of the bank officials’ in the country

Isola Moses | ConsumerConnect

Whereas applauding the bank officials for their support to the anti-graft agency commission on the delivery of its mandate, the Economic and Financial Crimes Commission (EFCC) has attributed the increasing cases of money laundering in Nigeria to the active connivance of officials of the country’s banking institutions.

Usman Muktar, Ilorin Zonal Head of EFCC, stated this in Ilorin, Kwara State Capital, when he met with compliance officers of various banks at a roundtable conference in the state, reports The Nation.

It was gathered the roundtable conference was aimed at building a better relationship and strengthening of partnership ties between the staff of this critical unit of banks and the regulatory agency in the fight against corruption in Nigeria.

Muktar said that the “interface” became necessary in order to check the rising trend of cases of money laundering involving bank officials in the country.

He stated: “There is no major fraud, especially money laundering that is ever committed without the connivance of the bank officials, and this must stop.”

The EFCC chief, nonetheless, appreciated the bank officials’ support to the Commission on the delivery of its mandate, and urged them to do more in minimising cases of money laundering in the economy.

Photo: Eumcc.Eu

The Ilorin Zonal Head of the Commission also charged the banks’ representatives to be diligent in the discharge of their duties by playing active role in tackling money laundering and other fraudulent financial practices in the banking sector.

In regard to the creation of a tax fraud desk in the zone, he noted that “the tax fraud desk in conjunction with the Special Control Unit against Money Laundering (SCUML) would greatly ease the problem of company registration currently being faced by people in the zone.”

The section would help in dealing with issues of corruption, tax evasion, illicit financial flows and money laundering within the state, Muktar said.

On “know your customer” (KYC) and “know your customer’s business” (KYCB), he challenged the bankers to take the two requirements seriously, as they would help to keep fraudulent consumers of financial products and services on the radar.

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