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EFCC Asks Companies to Comply With Money Laundering Laws


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The Economic and Financial Crimes Commission, EFCC has warned operators of tourism business in the Southeastern part of Nigeria against the high rate of non-compliance with extant anti-money laundering regulations for Designated Non-Financial Institutions in that region.

Ibrahim Bappa, EFCC’s Enugu Zonal Head made the remarks on July 10, 2020 while addressing executive members of Society of Tourism Proprietors of Nigeria (STPN), Enugu State Chapter, who were at the Commission’s Enugu office at the instance of the Special Control Unit Against Money Laundering (SCUML).

“We have noted with dismay the non-compliant and indifferent attitude of some of you with regards to your obligations to stem the incidences of money laundering and terrorist financing in the South-east which has been the least compliant zone in this regard,” he said.

“We have to enlighten you so that you enlighten your members so that no one would say he does not know what is required of him or her and also for you to be on the same page with us,” he stated.

Tijani Kabo, the head of the Enugu SCUML unit, also expressed displeasure with the attitude of most operators of Designated Non-Financial Institutions in the South-East have not registered with SCUML.

“SCUML in the zone has gone into an enforcement mode, having consistently warned operators not only to register with us, but to comply with all the operating requirements like conducting proper “Know Your Customer” checks on clients and reporting of suspicious transactions, all of which, if not adhered to, attract a fine that ranges from N1million to N25million,” he said.

Ogbu Amos, the chairman of Enugu chapter of STPN, said that the association would ensure that all its members would comply with the regulations guiding the operations of Designated Non-Financial Institutions in the country, said he would convey the Commission’s observation to all concerned.

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