Money Laundering: Lawyers, Estate Agents Complicit –EFCC

The Economic and Financial Crimes Commission, EFCC, has issued a stern warning to Designated Non-Financial Businesses and Professions, DNFBPs, not to create room in their respective businesses for criminally-minded people to thrive.

This was as the anti-graft agency said DNFBPs are complicit in money laundering since financial institutions have been regulated making them a suspect in terrorism financing.

The Acting Director, Lagos Directorate of the EFCC, Michael Wetkaz, gave the warning at a sensitization programme organised by the EFCC Special Control Unit Against Money Laundering, SCUML, for DNFBPs.

A statement posted on the website of the Commission by the spokesperson for EFCC, Dele Oyewale on Thursday, said the agency urged DNFBPs to conduct their dealings in line with the provision of the Money Laundering Prihibition and Prevention Axt, 2022.

Osun Defender reports that DNFBPs includes casinos, real estate agents, dealers in precious metals, dealers in precious stones, law firms, accounting firms, retail businesses, hospitality industries, notaries and other independent legal professionals.

Speaking at the event on Wednesday in Lagos, Wetkaz also spoke on the global efforts to keep terrorism at bay.

“The financial institutions been of great concern, globally.

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“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.

He urged them to do their part and report activities that they were obligated to report.

Also speaking, 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 by individuals and N10 million and above bu corporate bodies.

He advised them to also appoint a compliance officer and comply with the AML/CFT regulations.

In her remarks, Folasade Oluwasanya, an Assistant Commander of the EFCC, ACE 11, spoke extensively on financial sanctions as well as Politically Exposed Persons, PEPs, reporting.

The training focused on creating more awareness for the DNFBPs on issues such as beneficial ownership and targeted financial sanctions.