Money Laundering: Prosecution Of Bank Executives To Commence Soon — EFCC

Posted by African Examiner Featured, Latest Headlines, News Across Nigeria Tuesday, September 10th, 2024

(AFRICAN EXAMINER) – The Economic and Financial Crimes Commission (EFCC) has said bank executives are complicit in aiding money laundering in the country, adding that it would commence prosecution soon.

Speaking at the 17th annual conference of the Chartered Institute Bankers of Nigeria, the Chairman of the EFCC, Ola Olukoyede said the commission will soon start prosecution of bank executives involved in corruption.

According to him, findings revealed complicity in money laundering, illegal forex sales and trading among bank officials.

While calling on the CIBN to step up its regulatory functions to guard against fraud, the EFCC boss said major financial fraud were conducted through the nation’s banking system.

The commission recently urged the National Assembly (NASS) to enact a law which supports the whistle-blower policy of the government.

Olukayode who made the call at the Nigerian Bar Association (NBA) conference in Lagos, noted that once the law is enacted, it will make it mandatory for law enforcement agencies to protect the whistle-blowers.

The EFCC chairman also called on lawyers across the country to always observe due diligence in their practices.

This, according to him, is necessary for them to know the background of their clients so as not to run foul of the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regulations.

He said, “As lawyers, we are supposed to hold a position of trust in our professional conduct. While we try to comply with international laws and regulations, we should also do what is right for ourselves to protect the sanctity of our profession, which is very key.

“Don’t try to protect suspected criminals, people who must have committed financial crimes. So, if you know who we are looking for, you must bring that person to the open and we will do our part.

“Doing the right thing doesn’t necessarily come from the way of international conventions. If you do the right things, they will automatically take you out of the grey list.

“It is expedient on you to, at least, know who your client is. You are expected to be paid from a legitimate source.

“If you are a victim of crimes, you will understand what I am saying. As lawyers, you must not, in any way, derogate or demean your professional commitment to your clients.

“Even a part of the money laundering Act that we have evaluated doesn’t stop me from enforcing the regulations of the EFCC Act and other financial laws in Nigeria.”