9th April, 2019
Mr Ibrahim Magu, Acting Chairman, Economic and Financial Crimes Commission (EFCC), has cautioned bank officials in the country against aiding money laundering and terrorist financing.
Magu gave the warning in a statement by EFCC Spokesman, Mr Tony Orilade on Tuesday in Abuja.
Orilade quoted Magu as giving the warning at an interactive session with Chief Compliance Officers of banks in Maiduguri, the Borno capital.
The EFCC chairman urged bankers to ensure strict compliance with the Money Laundering Act.
According to him, bankers must endeavour to report to the anti-graft agency, cash movements that fall above the allowed threshold.
“Nobody should carry cash above the threshold of above N 10 million for corporate organisations and N5 million for individuals
“Anything above the threshold must be routed through financial institutions,” he said.
He further said that the issue of money laundering, terrorist financing and leakage of information would be eliminated by the commission with the help of bankers across the country.
Magu said the EFCC would soon commence the profiling of Non-governmental Organizations (NGOs) in the North-East with a view to monitoring their financial activities.
“We must profile all the NGOs in the North-East, I don’t know why an NGO will open more than 40 bank accounts.
“We are going to ask your various banks to give us statements of accounts for each and every NGO,” he said.