Money Laundering Prevention: EFCC Charges DNFBPs with Compliance

EFCC Cracks Down on Money Laundering: DNFBPs Warned to Comply with New Legislation.

The Economic and Financial Crimes Commission (EFCC) has sounded a warning to Designated Non-Financial Businesses and Professions (DNFBPs) to adhere to the provisions of the Money Laundering Prohibition and Prevention Act 2022 or face the consequences.

At a sensitization program organized by the Special Control Unit Against Money Laundering (SCUML) on Wednesday, September 4, 2024, EFCC’s acting Director, Lagos Directorate, Michael T. Wetkaz, emphasized the need for DNFBPs to conduct their dealings in line with the new anti-money laundering legislation.

Wetkaz warned that failure to comply would create an enabling environment for criminal activities to thrive, exacerbating the country’s insecurity situation. He urged participants to report suspicious activities and work together to make it difficult for “bad actors” to operate.

Other EFCC officials, including Aminu Ahmed and Folasade Oluwasanya, emphasized the importance of reporting large currency transactions, appointing compliance officers, and adhering to AML/CFT regulations. The training aimed to raise awareness among DNFBPs on beneficial ownership, targeted financial sanctions, and Politically Exposed Persons (PEPs) reporting.

The EFCC’s crackdown on money laundering comes as part of global efforts to combat terrorism and tighten measures to prevent criminal activities.