SCUML Shuts Down Tongyi Group for Alleged Anti-Money Laundering Violations
SCUML Shuts Down Tongyi Group for Alleged Anti-Money Laundering Violations
SCUML Shuts Down Tongyi Group for Alleged Anti-Money Laundering Violations
By Ayshatu S. Rabo
In a decisive move, the Special Control Unit against Money Laundering (SCUML) of the Economic and Financial Crimes Commission (EFCC) has sealed Tongyi Group, a prominent construction and mining company based in Jabi, Abuja.
The closure comes in response to alleged non-compliance with Nigeria’s stringent Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) regulations.
SCUML officials took action after multiple unsuccessful attempts to ensure the company’s adherence to AML/CFT requirements.
The seal, prominently displayed on Tongyi Group’s premises, will remain in place until the firm demonstrates full compliance with the nation’s anti-money laundering and counter-terrorism financing laws.
The Tongyi Group is accused of violating key provisions of the Money Laundering (Prevention and Prohibition) Act 2022 and the Terrorism (Prevention and Prohibition) Act 2022.
The company reportedly failed to complete SCUML’s compliance checklist and neglected to submit mandatory statutory reports, both critical measures designed to curb illicit financial activities.
SCUML, a dedicated unit of the EFCC, oversees the regulation and supervision of Designated Non-Financial Businesses and Professions (DNFBPs) and Non-Profit Organisations (NPOs), sectors identified as vulnerable to money laundering and terrorist financing. By shutting down Tongyi Group, SCUML sends a stern warning to the public and underscores its commitment to enforcing compliance with AML/CFT laws.
SCUML Shuts Down Tongyi Group for Alleged Anti-Money Laundering Violations
