Economic and Financial Crimes Commission Chairman Abdul Rashid Bawa has joined the Nigerian Banks Chief Compliance Officers Association and Foreign Exchange Agencies in combating foreign exchange abuse, money laundering and other fraudulent activities in the Nigerian financial sector. asked for the cooperation of
He urged them to promptly disclose fraudulent activity related to illegal deposits and money transfers through money deposited in banks.
In a Wednesday statement by Wilson Wujaren, EFCC’s head of media and public affairs, at a meeting with key stakeholders in the financial services sector held in Lagos on Tuesday by order of the commission, Bawa said: It was reported that he said
The statement partly read, “In view of the recent move by the Central Bank of Nigeria, to redesign and re-issue higher denominations of the naira, there is a need for us to be pro-active and be circumspect of the actions of the criminals who will use the financial institutions to launder illicit funds and commit other nefarious activities.
“It is important for you to understand what this policy is all about, considering the fact that a lot of activities will happen, particularly as the 2023 general elections approach.
“We want to work with you to get more information on how to deal with these issues.”
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The EFCC boss added that financial institutions had an important role to play in ridding Nigeria of financial and economic crimes.
He urged banks’ compliance officers and BDC operators to be wary of the activities of criminals who might want to use the financial institutions to hoard monies for the purpose of vote buying.
Bawa said, “The EFCC cannot do the job alone. We need to work with you as critical stakeholders, particularly in ensuring a seamless exchange of relevant information to forestall the commission of economic and financial crimes.
“We need better cooperation, synergy, collaboration, intelligence sharing and if need be, joint operations with you.
“If there is better management in terms of communication about the people bringing in monies or the modus operandi being used to disguise the origin of the monies, it will go a long way in tackling the issue of money laundering and financial crimes.
“You are very critical in the fight against economic and financial crimes. This is because, at the end of it, money leaves the bank and money goes in, either for deposit or withdrawal.
He advised financial institutions to take seriously the issue of ‘Know Your Customer’, and improve intelligence sharing with the commission.
“The issue of KYC must go beyond citing utility bills and receipts of customers. This needs to be taken further to forestall cybercrime.”
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