EFCC Issues Urgent Compliance Warning to DNFBPs on Money Laundering Act
By Matthew Eloyi
The Economic and Financial Crimes Commission (EFCC) has issued a strong warning to Designated Non-Financial Businesses and Professions (DNFBPs) to ensure their operations align with the Money Laundering Prohibition and Prevention Act 2022.
In a statement released on the EFCC’s website on Thursday, Dele Oyewale, the EFCC Spokesperson, highlighted the recent sensitisation programme conducted by the EFCC Special Control Unit Against Money Laundering (SCUML) for DNFBPs.
Michael Wetkaz, Acting Director of the EFCC Lagos Directorate, addressed the participants during the event held in Lagos on Wednesday. He emphasized the importance of DNFBPs in preventing criminal activities and maintaining global efforts against terrorism.
“The financial institutions, to a large extent, have been regulated; and the issues of terrorism have been of great concern, globally,” Wetkaz stated. “As a result, nations have tightened measures to ensure that the bad people have very limited space or even no space to operate, thereby helping to improve safety and security. But if you allow these criminal activities to pass through your businesses, it will worsen the insecurity situation in the country,” he warned.
Wetkaz urged DNFBPs to actively prevent criminal activities within their businesses and to report any suspicious activities they are obligated to. “We should all work together to make it difficult for the bad actors. You have come today so that we can work together to make this country a better place for us all to live in,” he said.
Aminu Ahmed, Assistant Commander of the EFCC, also stressed the importance of compliance with the Money Laundering Prohibition and Prevention Act. He advised DNFBP operators to report currency transactions exceeding N5 million from individuals and N10 million from corporate bodies, and to appoint a compliance officer in accordance with Anti-Money Laundering/Counter Financing of Terrorism (AML/CFT) regulations.
Folasade Oluwasanya, another Assistant Commander of the EFCC, discussed financial sanctions and the reporting of Politically Exposed Persons (PEPs). The training aimed to raise awareness on critical issues such as beneficial ownership and targeted financial sanctions for DNFBPs.
