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NIGERIA: NGOs used for Money Laundering-EFCC

by Ronald Mutum

05 September 2012

Daily Trust, Nigeria

Head of the Special Control Unit against Money Laundering, (SCUML), of the Economic and Financial Crimes Commission (EFCC), Angela Nworgu has said that Non Governmental Organizations, (NGOs) serve as conduit for money laundering and financing of terrorist activities.

Nworgu disclosed that research by the Financial Action Task Force shows  money launderers “who  use NGOs to carry out layering of stolen wealth through several countries…to disguise the actual origin of the money do not mind loosing 40% of the total amount in the process, because it is money gotten from illegitimate means”.

A Statement by the spokesman of the commission Wilson Uwujaren, attributed her remarks at a seminar for Designated Non-Financial Institutions (DNFIs) held at the EFCC Academy, Kuru, Abuja, on September 4th.

She stated that the essence of the seminar was to expose compliance officers to their obligations and responsibilities in the fight against money laundering and terrorist financing.

The participants drawn from various DNFIs such as Bureau De Change, Hotels, Law firms, Jewelers, etc. were taken through the provisions of the Money Laundering Act 2011, KYC (know your customer) principles, Anatomy of CTRs/STRs, implication of the CBN circular on AML/CFT compliance, among others.

 

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