EFCC Alerts Non-Financial Businesses On Money Laundering Risks

EFCC Alerts Non-Financial Businesses On Money Laundering Risks

The Economic and Financial Crimes Commission (EFCC) has issued a strong warning to Designated Non-Financial Businesses and Professions (DNFBPs) to adhere strictly to the Money Laundering Prohibition and Prevention Act of 2022.

In a statement released on Thursday by EFCC spokesperson Dele Oyewale, it was noted that the Acting Director of the Lagos Directorate, Michael Wetkaz, addressed the issue at a sensitization program organized by the EFCC Special Control Unit Against Money Laundering (SCUML) for DNFBPs.

DNFBPs include casinos, real estate agents, dealers in precious metals and stones, lawyers, notaries, and other independent legal professionals. At the Lagos event, Wetkaz emphasized global efforts to combat terrorism and urged DNFBPs to prevent criminal elements from exploiting their businesses. He stressed that allowing such activities could exacerbate insecurity in the country.

Wetkaz also highlighted the importance of reporting suspicious activities and complying with the Money Laundering Prohibition and Prevention Act. Aminu Ahmed, Assistant Commander of the EFCC, advised DNFBP operators to report currency transactions exceeding N5 million for individuals and N10 million for corporate bodies. He also recommended appointing a compliance officer and adhering to anti-money laundering and counter-terrorist financing regulations.

Additionally, Folasade Oluwasanya, another Assistant Commander of the EFCC, provided extensive guidance on financial sanctions and reporting on Politically Exposed Persons (PEPs). The training aimed to enhance awareness among DNFBPs regarding beneficial ownership and targeted financial sanctions.