The Economic and Financial Crimes Commission (EFCC) South East Zonal Head based in Enugu, Obioha Okorie, last Thursday, May 12, 2016 charged operators of Designated Non-financial Institutions (DNFIs) within the Southeast Geo-political Zone, to strictly conduct their businesses within the ambit of the law as any infraction of the law would attract due sanctions.
Okorie made the charge in his welcome remark on a one day workshop organized by the Special Control Unit Against Money Laundering (SCUML) Enugu at the conference hall of the Commission which had in attendance business owners, company directors, general managers and various representatives from over 29 DNFIs from Southeast Geo-political Zone comprising Enugu, Imo, Anambra, Abia, Ebonyi States.
While expressing his pleasure at the relatively high turnout of participants, Okorie said, “the position of the law is clear enough regarding Money Laundering Prohibition Act of 2011(as amended) and adherence to these laws is not optional.
“I will definitely ensure the prosecution of DNFIs here in Enugu and the entire Southeast who fails to adhere to the position of the law; that is a promise I must fulfill in accordance with the Money Laundering Prohibition Act because the multiplier effect of non compliance is huge.”
Later in his address, the Head SCUML, Promise Oluigbo made it clear to the participants that it is an obligation under the Money Laundering Prohibition Act of 2011 (as amended) to sensitize people and in return they have the obligation to register their businesses, report transactions and ensure due diligence (Know Your Customer).
He went on to define money laundering, types and method of money laundering, who are DNFIs, obligations of DNFIs, designation of compliance officers, duties of compliance officers, penalties for non-compliance among other issues.
The EFCC/SCUML conference is a regular feature of the Commission in line with its sensitization and enlightenment mandate. [EFCC]
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