EFCC Tasks Mortgage Bank On Money Laundering Reporting


The Uyo Zonal Commander of the Economic and Financial Crimes Commission (EFCC) Assistant Commander of the EFCC (ACE) Bawa Hamidu has called on the Board of Directors of Akwa Savings and Loans Limited, Uyo, Akwa Ibom State, to be watchful and operationally sensitive to transactions vulnerable to money laundering and terrorist financing and report same to the Commission as stipulated by law.

Bawa gave the charge on Thursday, 28th April 28 2022 during a sensitisation session with the Board of the bank, situated at Abak Road by Esuene Street, Uyo, Akwa, Ibom State.

The Zonal Commander, who spoke through, Soares Adebayo, a senior legal officer in the Command, said the lecture aimed to expand the horizon of the participants concerning issues of money laundering and terrorist financing.

In the course of the lecture, topics such as, Various Stages of Money Laundering, Methods of Money Laundering, Laws and Rules Guiding, Money Laundering and Institutions Involved in Checking Money Laundering such as Financial Action Task Force on Money Laundering, the Nigerian Financial Intelligence Unit (NFIU), Special Control Unit Against Money Laundering, (SCUML), the EFCC, amongst others, were discussed.

Segun Akinrinlade, a legal officer in the Command, shed light on “Anti-Money Laundering Regulations of the Central Bank of Nigeria (CBN); the Special Control Unit against Money Laundering (SCUML) and The Powers of SCUML”. He also discussed the “Banks and Other Financial Institutions Act 2020, Duties of Compliance Officers of Bank, amongst others.

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