EFCC charges DNFBPs on new anti-money laundering legislation
By Adeyanju Esther
The Economic and Financial Crimes Commission (EFCC) has cautioned Designated Non-Financial Businesses and Professions (DNFBPs) to adhere strictly to the Money Laundering Prohibition and Prevention Act of 2022.
Dele Oyewale, the spokesperson for the Economic and Financial Crimes Commission (EFCC), shared this information in a statement on Thursday.
Oyewale explained that Michael Wetkaz, the Acting Director of the Lagos Directorate of the EFCC, presented the charge during a sensitisation program organised by the EFCC Special Control Unit Against Money Laundering (SCUML) for Designated Non-Financial Businesses and Professions (DNFBPs).
Designated Non-Financial Businesses and Professions (DNFBPs) include casinos, real estate agents, dealers in precious metals and precious stones, as well as lawyers, notaries, and other independent legal professionals.
Speaking at the event in Lagos on Wednesday, Wetkaz also addressed global efforts to combat terrorism.
He urged participants to ensure that their businesses do not provide opportunities for criminally-minded individuals to operate.
“Financial institutions have been heavily regulated, and terrorism remains a significant global concern. As a result, nations have implemented stricter measures to address these threats.
“These efforts aim to ensure that criminal elements have very limited or no space to operate, thereby enhancing safety and security across the board.
“But if you allow these criminal activities to infiltrate your businesses, it will exacerbate the insecurity situation in the country,” he warned.
He urged participants to fulfil their responsibilities by reporting any activities they are obligated to report.
Also speaking, an Assistant Commander of the EFCC (ACE II), Aminu Ahmed, urged DNFBP operators to adhere to the Money Laundering Prohibition and Prevention Act.
He emphasised the importance of reporting currency transactions of N5 million and above by individuals, and N10 million and above by corporate bodies.
He advised DNFBP operators to appoint a compliance officer and ensure adherence to Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) regulations.
In her remarks, Folasade Oluwasanya, an Assistant Commander of the EFCC (ACE II), provided an in-depth discussion on financial sanctions and the reporting of Politically Exposed Persons (PEPs).
The training aimed to increase awareness among DNFBPs on crucial issues such as beneficial ownership and targeted financial sanctions.
