Anti-money laundering workshop opens in Abuja

Money laundering

Money laundering

from OKORO CHINEDU in Lagos, Nigeria
LAGOS – A training programme aimed at equipping Economic and Financial Crimes Commission (EFCC) personnel with the latest trends in the enforcement of the Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) regime globally is ongoing in Abuja.

The Special Control Unit against Money Laundering (SCUML) of the EFCC, in conjunction with the United Nations Office on Drugs and Crime (UNODC) and the Chartered Institute of Bankers of Nigeria (CIBN), is organising the workshop.

Emmanuel Aremo, Secretary of the EFCC, lamented the global effect of money laundering.

“Money laundering is currently a global agenda because of its negative effects on global economic systems; and for financing of terrorism, we are all witnesses to the menace of terrorism currently plaguing Nigeria and its consequences on citizens and the economy,” he said.

“Despite recorded success in AML/CFT regime in |Nigeria, studies have shown that Designated Non-Financial Businesses and Professions, DNFBP’s sector constitute a vulnerable area where money laundering occurs.

“The nature, structure and operational procedure of these businesses and professions make it an avenue for which potential and existing money launderers could use to perpetuate crimes with little or no trace,” he added.

Permanent Secretary of the Federal Ministry of Industry, Trade and Investment, Abdulkadir Musa, reminded participants of the inseparable nexus of investors’ confidence, reliability of payments systems and enforceability of contracts.

He said Nigeria needs to muscle all resources to combat the menace of money laundering and terrorist financing.

“Besides deterring investors from exploring the numerous investment potentials in Nigeria, money laundering and terrorist financing distorts well meaning macro-economic policy, undermines financial stability, sterilizes the workings of the market mechanism and curtails the benefits of democratic governance,” said Musa.

The workshop is holding at the EFCC Academy in Karu.

– CAJ News







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Posted by on Nov 11 2014. Filed under Finance, Finance & Banking. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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