Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has called on Designated Non-Financial Businesses and Professions (DNFBPs) across Nigeria to step up compliance with anti-money laundering laws and take an active role in reporting suspicious financial activity.
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Speaking during a one-day workshop held in Port Harcourt, Rivers State, themed “Effective Implementation of AML/CFT/CPF Measures Among the DNFBP Sector in Nigeria,” Olukoyede, represented by Deputy Commander of the EFCC and Director of the Special Control Unit Against Money Laundering (SCUML), Harry Erin, stressed the crucial part DNFBPs must play in addressing money laundering and terrorism financing.
He expressed concern over the growing trend of non-compliance, pointing to a lack of proper customer verification and failure to submit Suspicious Transaction Reports (STRs) as major shortcomings within the sector.
“Large sums of money are being laundered due to poor due diligence and disregard for existing legal frameworks,” Erin stated.
“If the DNFBP sector in Nigeria aligns itself with the EFCC, we can more effectively confront the threat of money laundering.”
He encouraged participants to protect the credibility of their respective professions by closing gaps that permit illicit financial flows. Full adherence to the Anti-Money Laundering Act and related policies, he said, would significantly bolster Nigeria’s chances of exiting the Financial Action Task Force (FATF) grey list.
The workshop was designed to reinforce the legal and regulatory responsibilities of DNFBPs and promote stronger cooperation between the EFCC and non-financial entities in combating financial crimes.
