25.7 C
Lagos
Saturday, January 23, 2021
- Advertisement -

EFCC Asks Companies to Comply With Money Laundering Laws

Opinion

2020: A Year Like no Other By Dakuku Peterside

The year 2020 was supposed to be a great year. It was another Leap Year – the famed Olympic Games year when...

The Time to Restructure is Now – Bola Tinubu

Being with you at this special event today, I am visited by two competing emotions. I continue to feel a profound sense...

Africa and the COVID-19 Vaccine – By Dakuku Peterside

The year 2020 will forever be synonymous with Covid-19, a pandemic that brought the world to her knees. For the first time...

Buhari is Repressing Human Rights and Getting Away With It – By Kolawole Olaniyan

President Muhammadu Buhari is failing to live up to his promises to ensure respect for human rights, obey the rule of law,...

The Economic and Financial Crimes Commission, EFCC has warned operators of tourism business in the Southeastern part of Nigeria against the high rate of non-compliance with extant anti-money laundering regulations for Designated Non-Financial Institutions in that region.

Ibrahim Bappa, EFCC’s Enugu Zonal Head made the remarks on July 10, 2020 while addressing executive members of Society of Tourism Proprietors of Nigeria (STPN), Enugu State Chapter, who were at the Commission’s Enugu office at the instance of the Special Control Unit Against Money Laundering (SCUML).

“We have noted with dismay the non-compliant and indifferent attitude of some of you with regards to your obligations to stem the incidences of money laundering and terrorist financing in the South-east which has been the least compliant zone in this regard,” he said.

“We have to enlighten you so that you enlighten your members so that no one would say he does not know what is required of him or her and also for you to be on the same page with us,” he stated.

Tijani Kabo, the head of the Enugu SCUML unit, also expressed displeasure with the attitude of most operators of Designated Non-Financial Institutions in the South-East have not registered with SCUML.

“SCUML in the zone has gone into an enforcement mode, having consistently warned operators not only to register with us, but to comply with all the operating requirements like conducting proper “Know Your Customer” checks on clients and reporting of suspicious transactions, all of which, if not adhered to, attract a fine that ranges from N1million to N25million,” he said.

Ogbu Amos, the chairman of Enugu chapter of STPN, said that the association would ensure that all its members would comply with the regulations guiding the operations of Designated Non-Financial Institutions in the country, said he would convey the Commission’s observation to all concerned.

- Advertisement -
- Advertisement -

Business Profiles

Ngozi Edozien

Ngozi Edozien is the founder and Managing Director of Invivo Partners Limited. She has over 20 years’ experience in finance/private equity, general...

Sanyade Okoli

Sanyade Okoli is Chief Executive Officer at Alpha African Advisory. She has over 21 years of financial advisory, private equity, corporate, commercial...

Samuel Nwanze

Samuel Nwanze is a director of Transcorp Power. He holds an MSc. degree in Finance and Management from Cranfield University in the...

Olukemi Adeniji

Ms Adeniji has a law degree and a Masters in International Law and Diplomacy (M.I.L.D) from the University of Lagos. She has...

Chikezie Nwosu

Chikezie Nwosu is an experienced senior executive with over 29 years local and international experience in the oil & gas industry vis-a-viz...