Designated Non-Financial Institutions (DNFIs) and Financial Institutions have been charged to be abreast of the provisions of the Money Laundering Prohibition Act (2011), in order to avoid being used by unscrupulous members of the public or their patrons for money laundering and terrorist financing.

The charge was given by officials of the Economic and Financial Crimes Commission, EFCC, on Wednesday 17 November, 2021 at the Casa Valleta Suites and Apartment, Jabi, Abuja during a three-day training programme organized by the Commission for the management and middle level staff of The Citadel Capitals Ltd, a lending, thrift and financial services company.

The Head, Networking and Collaboration Unit of the EFCC Academy, Assistant Commander of the EFCC, ACE Obiageli Okechukwu, said the objective of the training is to equip the participants with the required skills and knowledge on how to conduct business in accordance with the applicable Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Laws and regulations in Nigeria.

“This is to help them know how to navigate or spot the red flags in the course of carrying out their daily duties and also to maintain integrity in the work place”.

ACE Jude Obozua, also of the EFCC, said the Money Laundering Act discourages excessive use of cash in carrying out financial transactions. He explained that “anybody who is going to deal outside the stipulated threshold of Five Million Naira for transactions by an individual and Ten Million by a corporate entity, is of interest to the Commission which the financial institution is mandated to report to the EFCC.”

He added that as part of the Commission’s mandate to carry out enlightenment and educate members of the public, financial institutions may request for training and sensitization of their staff by the EFCC on the provisions of the extant laws enforced by the Commission.

Also, ACE Joseph Ogwuji, who took the participants on an overview of Accounting and Financial Investigation, urged the participants to maintain and preserve records and be conversant with the legal frameworks.

Media & Publicity

18 November, 2021