EFCC
EFCC Sensitizes DNFIs
EFCC
EFCC Sensitizes DNFIs On Terrorists
Financing
The Acting Chairman of the Economic and Financial Crimes
Commission (EFCC), Ibrahim Mgu has advised Designated Non-Financial
Institutions (DNFIs) to stay away from money laundering and all
forms of economic and financial crimes and to always be guided by
the law in all their business dealings.
He gave the advice on Tuesday, December 17, 2019 in a
sensitization programme, organized by the Commission at its Abuja
Zonal Office, tagged: “Sensitization of Designated Non-Financial
Institutions on their Obligations under the Money Laundering
(Prohibition) Act 2011(As Amended),” drawn up by the Commission to
enlighten DFNIs on their obligations in the anti-corruption fight
and on Nigeria’s anti-money laundering and terrorist financing laws
and sanctions for non-compliance.
The EFCC boss, who was represented by Fumilayo Adewole Adepetan
of the Commission’s Special Control Unit Against Money Laundering,
SCUML, explained that money laundering was “the washing of dirty
money to make it look clean,” and that it goes hand-in-hand with
terrorism.
Magu, who advised directors of the participating organizations
to enlighten their staff on the need to comply with the country’s
set laws in the areas of money laundering and terrorist financing
further explained the difference between Cash-Based Transactions
Report, (CBTRs) and Currency Transaction Reports, (CTRs) and
indicated the various sections of the law that regulate them.
Some of the participants described the programme as an“eye
opener,” and expressed happiness for the knowledge they gained.
The Special Control Unit Against Money Laundering, SCUML, of the
EFCC is charged with the responsibility of monitoring, supervising
and regulating the activities of Designated Non-Financial
Institutions(DNFIs) in line with the provisions of the Money
Laundering(Prohibition) Act, 2011, (As Amended) and the
Terrorism(Prevention) Act(TPA) 2011 (As Amended).
Wilson Uwujaren
Head, Media & Publicity