EFCC warns estate agents, lawyers, casino dealer against money laundering

The Economic and financial Crimes Commission (EFCC) has warned Designated Non-Financial Businesses and Professions (DNFBPs) to conduct their dealings in line with provisions of the Money Laundering Prohibition and Prevention Act 2022.

Dele Oyewale, the spokesperson for the EFCC, said this in a press statement on Thursday.

Mr Oyewale explained that the Acting Director, Lagos Directorate of the EFCC, Michael Wetkas, gave the charge at a sensitisation programme organised by the EFCC Special Control Unit Against Money Laundering (SCUML) for DNFBPs.

The News Agency of Nigeria (NAN) reports that DNFBPs include casinos, real estate agents, dealers in precious metals, dealers in precious stones, lawyers, notaries and others.

Speaking at the event on Wednesday in Lagos, Mr Wetkas noted the global efforts to keep terrorism at bay.

Mr Wetkas, therefore, urged the participants not to create any room in their respective businesses for criminally minded people to thrive.

“The financial institutions, to a large extent, have been regulated; and the issues of terrorism have been of great concern, globally.

“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.

“We are doing our part to sensitise you. We do this, so you know what you are supposed to do and you are not caught on the wrong side of the law.

“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.

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 from individuals and N10 million and above from corporate body.

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

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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.

(NAN)