EFCC Charges DNFBPs with Violations of New Anti-Money Laundering Law

Ibekimi Oriamaja Reports

The recently enacted Money Laundering Prohibition and Prevention Act 2022’s requirements should be followed, the Economic and Financial Crimes Commission (EFCC) warned Designated Non-Financial Businesses and Professions (DNFBPs) yesterday.

The charge was delivered by Ahmed Ghali, the EFCC’s Lagos Zonal Commander, at a two-day training session on the application of the recently passed AML/CFT Legislation for DNFBPs, which was put on by the Special Control Unit Against Money Laundering (SCUML).

“We do not want conflict between the EFCC and DNFBPs, as we have just witnessed, so this sensitization is crucial.

All we are asking of you at this session, he said, is that you follow the rules outlined in the anti-money laundering legislation so that you can conduct business without difficulty and without coming under the wrath of the EFCC.

Ghali also took advantage of the occasion to implore them to work with the EFCC and aid the agency in its ongoing battle against terrorism financing and corruption in Nigeria.

We want non-financial business owners to work with us to sanitize the systems, get rid of all fraud and criminal activity, and make sure that you aren’t being used as money-laundering tools, he continued.

In his opening remarks, Paschal Samu, the coordinator of SCUML in Lagos, stated that the program’s goal was to educate different DNFBPs, such as hoteliers, supermarket operators, operators of luxury goods, operators of casinos, and dealers in automobiles, about their responsibilities in adhering to the anti-money laundering law.

He further stated that the EFCC would act swiftly to punish deviant DNFBPs in accordance with the law.

The Zonal Commander, Michael Nzekwe, called on car dealers in Ilorin, the capital of the Kwara State, to ensure compliance with the laws and regulations currently in effect that require registration and certification of their businesses by the Special Control Unit against Money Laundering, SCUML. Nzekwe also spoke at a related forum in Ilorin.

“Aside from enforcing compliance with SCUML regulations, the EFCC under the new Money Laundering Act, MLA, has legal responsibility in safeguarding the investment of stakeholders in the Non-Designated Financial Institutions, NDFIs, from the activities of fraudsters,” the commander, who was speaking to members of the Kwara State Motor Dealers Association led by its President, Alhaji Ahmed Dare Abdul, said.

The Zonal Commander provided additional details regarding the operations of SCUML, stating that “Under the new MLA, SCUML is now to be entirely under the EFCC.”

In his statement, he stated that one of its duties was “to guarantee compliance with DNFBPs including but not limited to auto dealers, jewelry dealers, real estate managers, hoteliers and other stakeholders with the provisions of the legislation.”

Abdul responded by thanking the Zonal Commander for the friendly welcome extended to his members and the clear explanations provided regarding the work of SCUML.

In addition to promising the association’s unwavering support for the EFCC’s anti-graft campaign, Ahmed urged the agency to set aside a date to educate his members across the 16 Local Government Areas of the State about SCUML and what is required of them under the law, according to a statement from the EFCC.