Nigerians have been advised by the Economic and Financial Crimes Commission (EFCC) not to permit politicians to use their bank accounts or businesses to launder money.
According to the commission, anyone who permits those who are deemed to be politically exposed persons (PEP) to use their bank accounts or businesses to launder money might face jail time, whether they are acquaintances, associates, or family members.
Abdulkarim Chukkol, the acting executive chairman of the EFCC, made these statements during a one-day course on effective reporting of economic and financial crimes.
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The session was held on Thursday at the EFCC Zonal Command Office, Iyaganku in Ibadan, the capital of Oyo state, and was attended by journalists from print, electronic, and internet media.
Chukkol, who spoke through Halima Mustapha Rufa’u, Acting Zonal Commander of the EFCC, Ibadan Zonal Command, insisted that people who allow their businesses or bank accounts to be used to launder the proceeds of illegal activities run the risk of going to jail. This is especially true for people who hold political office or are related to someone who does.
According to Chukkol’s speech, the Money Laundering Act of 2022 now considers family members and close associates of politicians and public office holders, including senior civil workers, to be politically exposed individuals.
“A key component of this framework is the reinvigorated Special Control Unit against Money Laundering, SCUML which is driving the fight against money laundering and illicit financial flows among Designated Non-Financial Businesses and Professions, DNFBPs. There is now a more robust regulation of the activities of these entities, which are vulnerable to money laundering.
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“On this score, I would like the media to educate family members and friends of politicians and others holding political offices that they run the risk of going to jail if they allow their companies or bank accounts to be used to launder proceeds of illegal activities.
“Under the Money Laundering Act, 2022, family members and close allies of politicians and public office holders, including top civil servants, are now classified as politically exposed persons.”
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