The Executive Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, on Thursday, called for stronger collaboration from Designated Non-Financial Businesses and Professionals with the agency against money laundering and in tackling the vulnerability of major economic sectors of the country to the crime.
He made this call at a one-day outreach for high risk DNFBPs, organised by the EFCC, held at in Ibadan, the Oyo Capital, with the theme: “Effective Implementation of AML/CFT/CPF Measures among DNFBP in Nigeria.”
A statement released by the Head of Media and Publicity, Dele Oyewale, said Olukoyede was represented by the Acting Director, Ibadan Zonal Directorate of the EFCC, ACE I Hauwa Ringim
The chairman appreciated the collaborative efforts of DNFBPs and other stakeholders towards effective implementation of the Anti-Money Laundering/Combating Financing of Terrorism/Countering Proliferation financing, AML/CFT/CPF measures and enforcement of money laundering laws.
Olukoyede said, “Your presence here today signifies a more deliberate collaborative efforts and greater commitment towards effective implementation of the Anti-Money Laundering, Combating the Financing of Terrorism and Countering Proliferation Financing measures and enforcement of the Money Laundering Law.
“DNFBPs such as lawyers, real estate agents, accountants, and dealers in solid minerals and precious metals play a vital role in the nation’s economy. These sectors and the professionals which are into legitimate businesses could be exploited by criminals to launder illicit funds,” he explained.
He reiterated the need for DNFBPs to be more vigilant so as to protect their sectors from being used to launder illicit funds or become conduits for terrorism financing.
“This is why compliance with the Special Control Unit Against Money Laundering, SCUML, is essential. It ensures that your businesses are not used as conduits for financial crimes.
“In the EFCC, we have ramped up our enforcement, outreach, and intelligence-sharing efforts. Our goal is simple: to strengthen compliance across high-risk sectors and protect the integrity of our economy. Our work is guided by international standards, particularly the Financial Action Task Force recommendations.
“Nigeria’s standing in the global financial system depends significantly on how well we implement the Anti-Money Laundering/Countering Financing of Terrorism/ and Countering the Proliferation Financing measures across both financial and non-financial sectors,” as non-compliance exposes the nation to grey-listing and international restrictions which hinders economic development.
“The legal framework for AML/CFT in Nigeria is primarily anchored on the Money Laundering (Prevention and Prohibition) Act, 2022, the Terrorism (Prevention and Prohibition) Act, 2022, and other subsidiary regulations. These laws provide a strong foundation for identifying, tracking, and penalizing illicit financial activities.
“The Money Laundering (Prevention and Prohibition) Act, 2022, has given the EFCC legal powers to run the SCUML Unit with full regulatory and enforcement powers and has created an administrative sanction regime which never existed in the repealed law, hence, SCUML is now given the power to sanction any deviating and non-compliant Designated Non-Financial Businesses and Professions (DNFBPs).”
The chairman said the agency recognized the need to strengthen capacity and deepen understanding across all sectors, especially among non-financial businesses.
“This engagement is a step in that direction, designed to empower you with the tools and knowledge required to detect and prevent financial crimes. Let us continue to strengthen our collective resolve.
“With your cooperation, Nigeria can rise above the threats of illicit finance and reclaim its credibility in the international financial space. I urge all participants to be partners in this fight. Anti-money laundering compliance is not just a legal requirement, it is a moral and patriotic duty. Dirty money only thrives in silent systems. When professionals speak up and follow the rules, crime dies in the dark,” he said.
(Punch)
