To ensure effective discharge of its mandate, the Special Control Unit against Money Laundering, SCUML, of the Economic and Financial Crimes Commission, EFCC, in conjunction with the United Nations Office on Drugs and Crime, UNODC, and the Chartered Institute of Bankers of Nigeria, CIBN has commenced a 10-day training workshop for its staff.

The training program which is holding at the EFCC Academy, Karu, Abuja is aimed at equipping personnel with the latest trends in the enforcement of the  Anti-Money Laundering/Combating the Financing of Terrorism, AML/CFT, regime globally.

At the opening ceremony of the program on Monday, November 10, 2014, Emmanuel Aremo, Secretary of the Commission, in his remark, lamented the global effect of money laundering: "Money laundering is currently a global agenda because of its negative effects on global economic systems; and for financing of terrorism, we are all witnesses to the menace of terrorism currently plaguing Nigeria and its consequences on citizens and the economy".
 
He added: "despite recorded success in AML/CFT regime in |Nigeria, studies have shown that Designated Non-Financial Businesses and Professions, DNFBP's sector constitute a vulnerable area where money laundering occurs.

The nature, structure and operational procedure of these businesses and professions make it an avenue for which potential and existing money launderers could use to perpetuate crimes with little or no trace".
 
While declaring the training open, the Permanent Secretary, Federal Ministry of Industry, Trade and Investment, Ambassador Abdulkadir Musa, reminded participants of the inseparable nexus of investors’ confidence, reliability of payments systems and enforceability of contracts. He said Nigeria needs to muscle all resources to combat the menace of money laundering and terrorist financing.
 
According to the Permanent Secretary, "besides deterring investors from exploring the numerous investment potentials in Nigeria, money laundering and terrorist financing distorts well meaning macro-economic policy, undermines financial stability, sterilizes the workings of the market mechanism and curtails the benefits of democratic governance".

Media & Publicity
10th November, 2014