EFCC warns designated non-financial business operators against money laundering
The Economic and Financial Crimes Commission has warned Designated Non-Financial Businesses and Professions (DNFBPs) to conduct their dealings in line with provisions of the Money Laundering Prohibition and Prevention Act 2022.
Acting director of EFCC’s Lagos directorate, Michael Wetkaz, gave the charge at a sensitisation programme organised by the EFCC Special Control Unit Against Money Laundering (SCUML) for DNFBPs.
The DNFBPs include casinos, real estate agents, dealers in precious metals, dealers in precious stones, lawyers, notaries and other independent legal professionals.
Speaking at the event on Wednesday in Lagos, Mr Wetkaz also spoke on the global efforts to keep terrorism at bay, according to a statement by the anti-graft agency.
Mr Wetkaz, therefore, urged the participants to refrain from creating room in their businesses for criminally-minded people to thrive.
He urged them to do their part and report activities they were obligated to report.
Aminu Ahmed, an assistant commander of the EFCC, ACE 11, urged DNFBP operators to comply with the Money Laundering Prohibition and Prevention Act.
He urged them to report currency transactions of N5 million and above from individuals and N10 million and above from corporate bodies. He also advised them to appoint a compliance officer to comply with the AML/CFT regulations.
Folasade Oluwasanya, an assistant commander of the EFCC, ACE 11, spoke extensively about financial sanctions and reporting of politically exposed persons.
The training focused on creating more awareness for the DNFBPs on beneficial ownership and targeted financial sanctions.
(NAN)
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