Bank Executives Complicit in Money Laundering, EFCC Warns
The Economic and Financial Crimes Commission (EFCC) has accused bank executives of complicity in aiding money laundering in Nigeria, and announced plans to commence prosecution soon. According to EFCC Chairman Ola Olukoyede, findings have revealed widespread complicity in money laundering, illegal forex sales, and trading among bank officials.
Olukoyede made the statement at the 17th annual conference of the Chartered Institute Bankers of Nigeria, where he urged the institute to step up its regulatory functions to prevent fraud. He also called on the National Assembly to enact a law supporting the government’s whistle-blower policy, which would make it mandatory for law enforcement agencies to protect whistle-blowers.
The EFCC chairman also addressed lawyers, emphasizing the importance of observing due diligence in their practices. He urged them to know the background of their clients and ensure they are paid from legitimate sources, warning that failure to do so could result in legal consequences.
Olukoyede stressed that doing the right thing is not solely dependent on international conventions, and that taking the right actions can automatically remove individuals from the grey list. He also emphasized the need for lawyers to maintain their professional commitment to their clients and not engage in activities that could compromise their integrity.
The EFCC’s warning comes as the commission continues to battle financial crimes in Nigeria. The agency has been working to strengthen its anti-money laundering and counter-terrorism financing regulations, and has urged international cooperation to combat financial fraud.
The EFCC’s efforts are aimed at ensuring that the country’s financial system is transparent and accountable, and that those who engage in illegal activities are held accountable. The agency’s message to bank executives and lawyers is clear: complicity in money laundering will not be tolerated, and those who engage in such activities will face prosecution.
