Magu task professional, businesses on illicit financial flows

Ibrahim Magu, the acting Chairman, Economic and Financial Crimes Commission, (EFCC), has called on critical stakeholders in the Nigerian financial landscape, to rally round the anti-graft agency in curbing illicit financial flows in the business sector.

“Money Laundering and Terrorist Financing, ML/FT are financial crimes with significant negative economic and security impacts, and no nation can prosper where money laundering and terrorist financing is endemic,” he said.

Speaking during the opening session of a two-day workshop, held at the Dennis Hotel, Abuja, on Thursday, noted that the workshop was timely following the devastating effects of money laundering and terrorism confronting the country.

Represented by Bamanga Bello, Director, Special Control Unit against Money Laundering, SCUML, Magu noted that the workshop tagged, “Effective Implementation of AML/ CFT Measures in the DNFBPs Sector in Nigeria”, was essential in creating awareness on the adverse effect of illicit financial flows on the Nigerian economy, and to build capacity for the DNFBPs in Nigeria.

He said, “It has been established that Nigeria is one of the most terrorized countries in the world. The Global Terrorism Index (GTI) released in November, 2017 ranked Nigeria as the third most terrorized country in the world which also suggests high level of terrorist financing activities in Nigeria as planning and execution of any act of terrorism requires funding.

“There is a need to change the narrative on the anti-corruption fight following the 2018 Corruption Perception Index (CPI) which was released by Transparency International (TI) and ranked Nigeria 148 out of 180 assessed countries, more work need to be done.”

“We are living witnesses to the despicable state of basic infrastructure in Nigeria, owing largely to the pilfering away of public assets, which has affected our collective economic wellbeing as well as security of lives and property in Nigeria.”

He, therefore, used the medium to call on all Nigerians to be proactive, and join hands with the anti-graft agency, in order to ensure a paradigm shift and kick corruption out from Nigeria.

In his remarks, Emmanuel Uche, Program Manager, Rule of Law and Anti-Corruption, RoLAC, said “the objective of the workshop was to sensitize the target audience on the reporting and compliance obligations under the Nigerian AML/ CFT laws and regulations and to enhance awareness on how such organizations could be used by money launderers and terrorist financiers to perpetrate their unscrupulous activities”.