Why Allow Your Account Be Use For Money Laundering, Go To Jail, EFCC Warns Politicians’ relatives

The Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Abdulkarim Chukkol on Thursday warned friends and relatives of politicians to be wary of allowing their bank accounts to be used to launder money from illegal businesses, saying that any such person, if apprehended, would be prosecuted and jailed....CONTINUE READING

The anti-graft agency boss gave the warning in his opening remark at the workshop on “Effective reporting of Economic and Financial Crimes for Journalists” in Ibadan, Oyo State capital.

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Chukkol whose paper was presented by the Acting Zonal Commander of the Ibadan Command of the EFCC, Halima Mustafa Rufa’u, said ”Under Money Laundering Act, 2022, family members and close allies of politicians and public office holders, including top civil servants are now classified as exposed persons.

“The EFCC is determined to ensure that anyone who steals from the public treasury and all those who assist them to do so under whatever guise is brought under justice, and ignorance of the law will not be an excuse”.

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Chukkol concluded by appealing to the media to lend a hand in helping to sensitize the youth against Internet-related fraud activities and urged them to continue to align with the progressive aspiration of Nigeria to see that corruption is reduced to the barest minimum if not completely eliminated.

”The impact of the Commission on the economic life of the nation is widely acknowledged through the commission’s enforcement activities, and recoveries, running into several billions of Naira. A key component of this framework is the reinvigorated Special Control Unit Against Money Laundering, (SCUML) which is driving the fight against money laundering and illicit financial flows among Designated Non- Financial Businesses and Professions (DNFBIs). There is now a more robust regulation of the activities of these entities which are vulnerable to money laundering”, he said.

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During the workshop, papers were presented on new Money Laundering Laws in relation to the activities of designated non-financial businesses and professions.CONTINUE READING