Designated Non-Financial Institutions Aid Money Laundering Activites – Ibrahim Magu

EFCC Acting Chairman, Mr Ibrahim Magu has said Designated Non-Financial Institutions (DNFIs) are secure homes for money-laundering activities.

EFCC’s spokesman, Mr. Tony Orilade revealed in a statement in Abuja today, that Ibrahim said this at a workshop to sensitize Non-Profit Organisations (NPOs).

The workshop, organized by EFCC in partnership with Space for Change, had “Effective Implementation and Regulations of AML/CFT within the NPO Sector” as the theme.

Ibrahim Magu said, “Money-laundering and terrorism-financing will continue to thrive, especially with criminals continuously discovering new methods of exploiting the vulnerability of DFNIs and the legal systems.

“The DNFIs have been identified as the most vulnerable sector in money-laundering and terrorism-financing because criminals no longer use the conventional financial systems like banks, to launder their ill-gotten wealth.”