Abdulrasheed Bawa, Chairman of the Economic and Financial Crimes Commission, has sought the assistance of the Association of Chief Compliance Officers of Nigerian Banks, as well as Bureau de Change operators, in the fight against foreign exchange malpractices, money laundering, and other fraudulent activities in the country’s financial sector.
He urged them to promptly report fraudulent activities involving illicit deposits and money movement through bank deposits.
A statement by the Head, Media and Publicity of the EFCC, Wilson Uwujaren, on Wednesday quoted Bawa as stating these during a meeting with critical stakeholders in the financial services sector on Tuesday, at the Lagos command of the commission.
The statement partly read, “In view of the recent move by the Central Bank of Nigeria, to redesign and re-issue higher denominations of the naira, there is a need for us to be pro-active and be circumspect of the actions of the criminals who will use the financial institutions to launder illicit funds and commit other nefarious activities.
“It is important for you to understand what this policy is all about, considering the fact that a lot of activities will happen, particularly as the 2023 general elections approach.
“We want to work with you to get more information on how to deal with these issues.”
The EFCC boss added that financial institutions had an important role to play in ridding Nigeria of financial and economic crimes.
He urged banks’ compliance officers and BDC operators to be wary of the activities of criminals who might want to use the financial institutions to hoard monies for the purpose of vote buying.
Bawa said, “The EFCC cannot do the job alone. We need to work with you as critical stakeholders, particularly in ensuring a seamless exchange of relevant information to forestall the commission of economic and financial crimes.