Stakeholders collaborate to fight money laundering, terrorist financing, others
The Director, Nigeria Financial Intelligence Unit (NFIU), Francis Usani; the Director, Special Control Unit against Money Laundering (SCUML), Bamanga Bello; and Programme Manager, the Rule of Law Anti Corruption (RoLAC) of the European Union, Emma Uche, made the appeal a two-day national sensitisation workshop.
The workshop, which held recently, was for Designated Non-Financial Business of Profession (DNFBP), Self -Regulatory Bodies (SRBs), and Trade Associations (TAs) in the DNFB sector, on the forthcoming Mutual Evaluation of Nigeria by assessors for on-site assessment slated for September/October, 2019, in Abuja.
Usani, represented by the Head, Monitoring and Analysis, Abdulrahman Mustapha, said with effective collaboration with the Economic and Financial Crimes Commission (EFCC), NFIC, the ICPC members and the public joining hands in the fight, money laundering and terrorist financing in Nigeria will be dealt with squarely.
He assured that the NFIU will comply with international standard and within the mandate of its establishment in carrying out its duties.
Usani commended SCUML and RoLAC, through funding support by the European Union in organising the workshop, but warned money launders and terrorism financiers of severe sanctions if caught.
On his part, Bello warned that no individual should pay in excess of N5 million cash during transaction or N10 million cash in the corporate business transaction, adding that any individual or corporate body that received such huge lodgement should report such transactions or face the law through fines or jail if caught and prosecuted.
He disclosed that SCUML works with the EFCC, and other financial regulatory agencies in controlling money laundering, adding that “the process for the second round of Mutual Evaluation of Nigeria has already started, but actual on-site visit by the assessors is slated for September/October, 2019.”
Explaining the EU’s funding of the programme, Uche said it is in efforts to assist Nigeria fight corruption, including money laundering and terrorist financing, while commending SCUML for achievements made so far in tackling the money phenomenon.
He emphasised on enforcement saying: “We need to strengthen enforcement element in as much as preventive.”