EFCC warns DNFBPs over money laundering, terrorism financing

Stanley Ihedigbo

Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, warned the Designated Non-Financial Business and Professionals (DNFBPs) not to compromise the fight against anti-money laundering and counter-terrorist financing (AML/CFT) mechanisms by failing to protect their entities from being used for financial crimes.

According to the Head, Media and Publicity, EFCC, Mr Dele Oyewale, he made the charge at the opening ceremony of a two-day workshop for the sensitization of DNFBPs on their compliance obligations under the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Regime, with the theme: Effective Implementation of Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Measures in the DNFBPs in Nigeria.

Olukoyede said that the DNFBPs sector from the National Risk Assessment (NRA’s analysis) is the most vulnerable sector to money laundering and terrorist financing.

Assistant Commander of the EFCC, ACE II Musa Giwa Yusuf, who represented the Chairman of the EFCC, said necessary actions are being taken by SCUML and other AML/CFT stakeholders to protect the DNFBPs sector from the vagaries of money launderers and terrorism financiers.

“As you may be aware, the Special Control Unit against Money Laundering, SCUML, is charged with the responsibility to monitor, supervise and regulate the activities of Designated Non-Financial Businesses and Professions, DNFBPs, to implement AML/CFT measures in Nigeria.

According to him, the workshop was one of the outreach programmes designed to create awareness and build capacity for AML/CFT compliance in the DNFBP sector in Nigeria

He disclosed that money laundering and terrorist financing (ML/TF) are financial crimes with significant negative economic and security impacts.

“No economy can grow where money laundering is endemic. Its prevalence distorts macroeconomic policies and endangers the financial system.”

“There is without doubt that money laundering and terrorism financing remain a problem in both developing and developed economies of the world.”

“The dynamics of this twin evil of money laundering and terrorist financing continue to evolve just as criminals discover more ways of exploiting the vulnerabilities in regulations, standards and operations of some economic sectors to perpetrate money laundering and terrorist financing”, he said.

Olukoyede disclosed that the Financial Action Task Force, FATF, came up with 40 Recommendations, which are considered the international standard for combating money laundering and terrorist financing, as well as the financing of the proliferation of weapons of mass destruction (WMD) for countries to implement.

Talking about the workshop, he said, “The main objective of this workshop is to sensitize you on your compliance obligations under the Nigerian Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Laws and Regulations and to enhance your knowledge and capacity for effective AML/CFT compliance.

“The workshop is also designed to enhance your awareness and understanding of how your organizations could be abused by money launderers and terrorist financiers to perpetrate their unscrupulous activities.”

“The workshop is also designed to enhance your knowledge and capacity for effective AML/CFT compliance,” he said.

In his opening remarks, the Component Manager, ROLAC, Dr Emmanuel Uche, who was represented by Patience Samuel Inyang, the Project Assistant for the Anti-Corruption component of the Rule of Law and Anti-Corruption (RoLAC) Programme, appreciated the EFCC and SCUML for the workshop, describing it as a crucial sensitization workshop on AML/CFT/CPF.

He said the workshop is a testament to the collective commitment to safeguarding the integrity of the financial system and, by extension, the security and prosperity of the Nigerian nation.

According to her, the workshop is designed to equip the stakeholders with the knowledge and tools necessary to effectively combat the threats posed by money laundering and terrorist financing.

She revealed that money laundering and terrorism financing are not mere financial crimes, adding that they are serious threats that undermine national security, fuel corruption, and hinder sustainable development.

“We are gathered here today because we recognize the critical role that each of you plays in the fight against these illicit activities.”

She affirmed that the fight against money laundering and terrorist financing is a continuous one, stating that it requires constant vigilance, adaptation, and collaboration.

She called on the stakeholders to work together, with the EFCC and the SCUML, to create a safer and more secure financial system for all Nigerians.

The engagements had in attendance representatives from the Nigerian Bar Association (NBA), Institute of Chartered Accountants of Nigeria (ICAN), Real Estate Developers Association of Nigeria (REDA), Lottery Regulatory Office, and the Nigerian Institution of Estate Surveyors and Valuers.