Court convicts Al-Khairat Motors for violating Money laundering Act

Justice S.I Mark of the Federal High Court Kano State on Thursday convicted Al-Khairat Motors of one count charge bothering on Violation of Provisions of Money Laundering (prohibitions) Act and reserved sentencing. Alkhairat was convicted for non compliance with the provisions of money laundering Act which mandated Designated Non Financial Institution to report and register with the Special Control Unit Against Money Laundering (SCUML). The charge brought by the Economic and Financial Crimes Commission (EFCC), read ” That you, Al-khairat Motors, sometimes in November 2016, at Kano within the Kano Judicial Division of the Federal High Court, being a Designated Non Financial institution failed to comply with the requirements of customer identification and the submission of returns on the sale of one unit of Honda Civic to one Ibrahim Usman at the rate of One Million Naira (N1,000,000.00) as specified under the Money Laundering (Prohibition) Act, 2011 (As Amended) within 7 days from the date of the transaction, and thereby committed an offence contrary to section 5(6) of the Money Laundering (Prohibition) Act, 2011 (As Amended) and punishable under section 5(6)(a)and(b) of the same Act. Abba Ismaila Garba the owner and managing director of Al-khairat Motors pleaded guilty to the charge. Prosecution counsel Samuel Chime asked the court to convict and sentence the defendant accordingly. Consequently, Justice Mark convicted the defendant but reserved sentence until January 18th, 2019. Andrew Orolua, Abuja