DNFIs safe havens for money-laundering TheNigerialawyer

Acting Chairman of Economic and Financial Crimes Commission
(EFCC), Mr Ibrahim Magu, has described Designated Non-Financial
Institutions (DNFIs) as safe havens for money-laundering
activities.

The commission’s spokesman, Mr Tony Orilade, said in a statement
in Abuja on Friday, that Magu stated this at a workshop to
sensitise Non-Profit Organisations (NPOs).

The workshop, organised by EFCC in collaboration with Space for
Change, had “Effective Implementation and Regulations of AML/CFT
within the NPO Sector” as theme.

Magu was represented by Director, Special Control against Money
Laundering Unit of the commission, Mr Francis Usani.

According to him, as a result of lack of adequate supervision
and regulation of NPOs and by extension DNFIs, criminals have now
turned their focus on the DNFIs sector to perpetrate
money-laundering and terrorism financing.

He said that the vulnerability of DFNIs in developed and
developing economies to the scourge of money laundering and
terrorism financing had encouraged the perpetuation of the
vice.

“Money-laundering and terrorism-financing will continue to
thrive, especially with criminals continuously discovering new
methods of exploiting the vulnerability of DFNIs and the legal
systems.

“The DNFIs have been identified as the most vulnerable sector in
money-laundering and terrorism-financing because criminals no
longer use the conventional financial systems like banks, to
launder their ill-gotten wealth” he said.

The acting chairman urged non-profit organisations to be
conscious of their obligations and responsibilities under the
Nigerian AML/CFT regime and develop a culture of compliance with
its measures.

Executive Director, Space for Change, Mrs Victoria Ohaeri,
posited that non-profit organisations believed that compliance to
money-laundering/terrorism-financing was important to their work,
and “to the entire sector and for the betterment of the
country.”

“Civil Society Organisations are a major ally of the government
in the fight against money-laundering and terrorism-financing.

“We are willing to cooperate, comply, engage and at the same
time we are also concerned about the space which we operate, in
ensuring that due compliance is done without adding additional
burden in the work we do.” (NAN)