Acting Chairman of the Economic
and Financial Crimes Commission (EFCC), Mr Ibrahim Magu, has described
Designated Non-Financial Institutions (DNFIs) as safe havens for
money-laundering activities.
The commission’s spokesman, Mr
Tony Orilade, in a statement in Abuja on Friday, reported Magu as stating this
at a workshop organised to sensitise Non-Profit Organisations, NPOs, NAN
reports.
The workshop, organised by the
EFCC in collaboration with Space for Change, had “Effective Implementation and
Regulations of AML/CFT within the NPO Sector” as theme.
Magu was represented by Director,
Special Control against Money Laundering Unit of the commission, Mr Francis
Usani.
According to him, criminals have
now turned their focus on the DNFIs sector to perpetrate money-laundering and
terrorism financing.
He said that the vulnerability of
DFNIs in developed and developing economies to the scourge of money laundering
and terrorism financing had encouraged the perpetuation of the vice.
“Money-laundering and
terrorism-financing will continue to thrive, especially with criminals
continuously discovering new methods of exploiting the vulnerability of DFNIs
and the legal systems.
“The DNFIs have been identified
as the most vulnerable sector in money-laundering and terrorism-financing
because criminals no longer use the conventional financial systems like banks,
to launder their ill-gotten wealth,” he said.
The acting chairman urged
non-profit organisations to be conscious of their obligations and
responsibilities under the Nigerian AML/CFT regime and develop a culture of
compliance with its measures.
Executive Director, Space for
Change, Mrs Victoria Ohaeri, posited that non-profit organisations believed
that compliance to money-laundering/terrorism-financing was important to their
work, and “to the entire sector and for the betterment of the country.”
“Civil Society Organisations are
a major ally of the government in the fight against money-laundering and
terrorism-financing.
“We are willing to cooperate,
comply, engage and at the same time we are also concerned about the space which
we operate, in ensuring that due compliance is done without adding additional
burden in the work we do.”
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