Money laundering: You can be jailed if you allow politicians use your accounts, companies – EFCC warns Nigerians

The Economic and Financial Crimes Commission (EFCC), has warned Nigerians not to allow politicians use their bank accounts or companies to launder money.

The commission declared that anyone, be it friends, associates or family members, who allows those regarded as politically- exposed persons (PEP) to use their bank accounts or companies in order to launder money could be jailed.

EFCC Acting Executive Chairman, Abdulkarim Chukkol, made these declarations while speaking at a one-day workshop on effective reporting of economic and financial crimes.

The workshop, which was attended by journalists from print, electronics and online media, was held on Thursday at the EFCC Zonal Command Office, Iyaganku in Ibadan, the Oyo state capital.

Chukkol, who spoke through the Acting Zonal Commander of the EFCC, Ibadan Zonal Command, Halima Mustapha Rufa’u, insisted that family members and friends of politicians and others holding political offices run the risk of going to jail if they allow their companies or bank accounts to be used to launder proceeds of illegal activities.

Chukkol, in his address, said that under the Money Laundering Act, 2022, family members and close allies of politicians and public office holders, including top civil servants, are now classified as politically- exposed persons.

“A key component of this framework is the reinvigorated Special Control Unit against Money Laundering, SCUML which is driving the fight against money laundering and illicit financial flows among Designated Non-Financial Businesses and Professions, DNFBPs. There is now a more robust regulation of the activities of these entities, which are vulnerable to money laundering.

“On this score, I would like the media to educate family members and friends of politicians and others holding political offices that they run the risk of going to jail if they allow their companies or bank accounts to be used to launder proceeds of illegal activities.

“Under the Money Laundering Act, 2022, family members and close allies of politicians and public office holders, including top civil servants, are now classified as politically exposed persons.”