The Special Control Unit Against Money Laundering has charged Self- Regulatory bodies in Nigeria to prevail on their members to comply with Money Laundering law and regulations. Bala Sanga, Director SCUML who gave the charge Thursday, December 12, at the start of a three-day retreat organized by the agency for heads of self regulatory bodies at the EFCC Academy, Karu, Abuja, revealed that aggressive enforcement of compliance by Designated Non Financial Institutions, DNFI’s will begin in January 2014.

 
Sanga equally informed the participants that registration with SCUML “is compulsory for all DNFI’s; and has been made easy with on-line registration”.
 
He charged all DNFI’s to equip themselves with the new Money Laundering Act 2013 and the Designated Non-Financial Institution Regulations 2013.
 
The Director equally called on all participants to see SCUML as a friend, not a foe as the regulator is not targeting any operator; but working to stop fraudsters from using DNFI’s for money laundering or terrorist financing.
In an opening remark, Obot Udofia, a Deputy Director with the Central Bank of Nigeria  noted  that the monitoring of the activities of all DNFI’s has become imperative in view of the Financial Action Task Force “FATF” recommendation 28, which provides a basis for supervision to ensure effective surveillance of that sector.
The retreat which aims to encourage partnership between SCUML, the Self Regulatory bodies and the DNFI’s, has in attendance, the Nigerian Bar Association, Institute of Chartered Accountants of Nigeria, Nigerian Institute of Estate Surveyors and Valuers, Professional Car Dealers Association of Nigeria, among others.

Media and Publicity
12th December, 2013