EFCC Warns Businesses Against Aiding Criminals, Urges Compliance with Money Laundering Act

EFCC Warns Businesses Against Aiding Criminals, Urges Compliance with Money Laundering Act

The Economic and Financial Crimes Commission (EFCC) has called on Designated Non-Financial Businesses and Professions (DNFBPs) to ensure full compliance with the Money Laundering Prohibition and Prevention Act of 2022.

This warning was issued during a sensitization programme organized by the EFCC’s Special Control Unit Against Money Laundering (SCUML).

EFCC’s Acting Director for Lagos, Michael Wetkaz, highlighted the global efforts to combat terrorism and warned businesses not to provide a safe haven for criminal elements. “The financial institutions have been regulated, and terrorism has become a global concern. Nations have tightened measures to ensure criminals have no space to operate,” Wetkaz said.

He urged DNFBPs, which include casinos, real estate agents, dealers in precious metals and stones, lawyers, and other professionals, to be vigilant and report any suspicious activities. “If you allow these criminal activities to pass through your businesses, it will worsen the insecurity situation in the country,” he cautioned.

Aminu Ahmed, an Assistant Commander of the EFCC, reminded operators to report currency transactions above N5 million for individuals and N10 million for corporate bodies. He emphasized the importance of appointing compliance officers and adhering to anti-money laundering regulations.

The training also covered topics such as beneficial ownership, financial sanctions, and reporting requirements for Politically Exposed Persons (PEPs), with ACE II officer Folasade Oluwasanya stressing the importance of awareness in curbing financial crimes.