The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Ola Olukoyede has called for enhanced synergy and collaboration between the Commission and stakeholders in tackling the menace of economic and financial crimes in the country.
The Chairman made the call on Tuesday June 3, 2025 in Benin City at one day sensitization and engagement of stakeholders on Anti-Money Laundering, Combating the Financing of Terrorism and Counter Proliferation Financing, AML/CFT/CPF workshop organised by the Special Control Unit Against Money Laundering, SCUML of the EFCC.The Chairman who spoke through the Acting Director, Benin Zonal Directorate, Assistant Commander of the EFCC, ACE I, Effa Okim stated that the workshop aimed at deepening the collaboration between the Commission and stakeholders and to acquaint stakeholders on the activities of the SCUML and the Commission.
“Collaboration remains one of our core values and it is key to achieving our mandate. The relevance of ensuring compliance with Anti-Money Laundering laws and regulations by all concerned cannot be over emphasised. We enjoin our stakeholders to ensure compliance of their members with the extant laws and regulations.
This will guarantee the realisation of our objective to exit FATF grey list,” he said.In his paper, “Predicate Offences Identification and Reporting,” Chika Uneke, Superintendent of the EFCC, listed some of the predicate offences to include participation in organised criminal group; racketeering, terrorism, terrorist financing; trafficking in narcotic and psychotropic drugs; corruption, bribery, fraud, currency counterfeiting; extortion, forgery and piracy. According to him, in adherence to the provisions of the Money Laundering (Prevention and Prohibition) Act 2022 by Designated Non Financial Business and Professions, DNFBPs, they are expected to always report to SCUML or the Nigerian Financial Intelligence Unit on the activities of their customers that border on money laundering predicate offences as doing so will accelerate proactive measures to nip such crimes in the bud and also deter the criminals from benefiting from proceeds of such crime.
Ibrahim
Boyi,
Head
SCUML, Benin
Zonal
Directorate
in
his
paper, “Roles
and
Responsibilities
of
Self
Regulatory
Organisation/Trade
Association/Trade
Unions,
SRO/TA/TU said SRO/TA/TU must
monitor its members
to
ensure
compliance,
apply
relevant
sanctions
on
its erring members, including
suspension, withdrawal
of
licence
for
non-compliance, develop
internal
compliance
system,
sensitization
and
training
programme
for
their
members.
He
noted
that
SCUML
was
mandated
by
law
to
register, monitor
and
supervise
the
activities
of
DNFBPs
in
relation
to
AML/CFT/CPF compliance and
that
new
businesses
and
professions
should
register
with
SCUML
before
commencement
of
business.
He
urged
business
entities
to
carry
out
Know-Your-Customer,
KYC,
and
Customer
Due
Diligence,
CDD,
in
compliance
with
the
regulations.
“Business
entities
are
expected
to
provide
standard
data
form
for
their
customers
to
fill.
This
will
include
a
comprehensive
KYC
such
name,
address,
phone
number,
email
address
and
other
relevant
information.
They
are
expected
to
carry out
due
diligence
by
verifying
all
information
provided
to
ensure
that
they
are
correct.
It
could
entail
demanding
for
valid
means
of
identification,” he
said.
He
further
stated
that
DNFBPS were
to
file
reports to
SCUML
within
seven
days
when
the
transaction
exceeded N5million
for
individuals
and
N10
million
for
corporate
organisations.
In
the
same
vein,
when
there
is
absence
of
suspicious
transactions,
DNFBPs
are
expected
to
file
a
nil
report
to
SCUML
on
a
monthly
basis.
“The
law
is
that
you
report, so
even
when
it
is
nil
you
report
to
SCUML
that
it
is
nil,”
he
said.
He
urged
SRO/TA/TU
to
abide
by
the
extant
laws
and
regulations
by
doing
a
background
checks on
their
members in
order
for
it
to
avoid becoming
an
umbrella
body
where
criminals
hide.
Among
the
participants
were
automobile
dealers,
real
estate
agents,
students
union
leaders
and
officers
of
National
Orientation
Agency,
NOA.
Media & Publicity
June 4, 2025
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