The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Ola Olukoyede has described Designated Non-financial Businesses and Professionals, (DNFBPs) as all-comers ground and most vulnerable to abuse by criminals and called for more commitment to the implementation of Anti-Money Laundering/Countering Financing of Terrorism (AML/CFT) regime in the country.
He made the call in Abuja on Wednesday, September 25, 2024, at a public-private dialogue forum, organised for DNFBPs by the Special Control Unit against Money Laundering, SCUML, in collaboration with the Nigerian Financial Intelligence Unit, NFIU.
Speaking through the Director, Fraud Risk Assessment and Control, FRAC, Commander of the EFCC, CE Francis Usani, Olukoyede stated that “DNFBPs are most important and relevant sector of any economy, but the sector unfortunately is considered as the most vulnerable to abuse by criminals, this is more so because DNFBPS are almost like an all comers’ game where everybody can enter and exit at will. Because of their vulnerability, the Financial Action Task Force, FATF, places a high focus on them in ensuring that they are properly and effectively regulated.”
Issues related to risk-based supervision, implementation of the full range of AML/CFT market entry control, including detection of unlicensed DNFBPs, implementation of Targeted Financial Sanction, verification of beneficial ownership, conduct of Politically Exposed Persons due diligence and rendition of suspicious transaction reports, have been at the centre stage of International Country Review Group, ICRG, process.
According to the EFCC boss, “We must strive to fix them collectively to avoid the heavier hammer on Nigeria. I am aware that Nigeria has made tremendous efforts and shown commitment to implement the action plan it presented to the FATF at the wake of the grey listing of Nigeria, but in spite of the laudable progress we have recorded at the ICRG process, a lot is yet to be done. We must not rest on our oars, but must continue to push to address the remaining deficiencies.”
Nigeria is currently under the enhanced monitoring process of the International Cooperation Review Group, ICRG, of the Financial Action Task Force, FATF, resulting from the deficiencies observed in the country’s second round of Mutual Evaluation Report. These deficiencies include critical gaps observed in the Anti-Money Laundering/Countering Financing of Terrorism , AML/CFT, supervisions and compliance across all the DNFBPs subsectors.
He assured that the EFCC would do all that is required of it in the implementation of AML/CFT regime towards Nigeria’s exit of FATF grey list. “On our part at EFCC, we are steadfast to our mandate to support the achievement of an effective, comprehensive and balanced implementation of AML/CFT regime in Nigeria by providing the enabling environment, the needed support and guidance through capacity building, dissemination of informed risk assessment studies and facilitating the needed cooperation and collaboration among all relevant stakeholders,” he said.
Director, SCUML, Commander of the EFCC,CE Daniel Isei said that the aim of the forum was to strengthen the compliance culture of rules and regulations amongst the DNFBPs through the proper implementation of the Money Laundering Prevention and Prohibition Act, 2022.
President, Nigerian Bar Association, (NBA), Mazi Afam Osigwe, SAN, who was represented by Dr. Mobalaji Ojibara, applauded the EFCC for driving compliance to AML/CFT regime across Nigeria and pledged the support of lawyers to the cause of AML/CFT regime implementation. “As lawyers, our roles stretch beyond offering legal counsel or defending cases in court. We are also guardians of ethical practice, ensuring that businesses, especially DNFBPs, operate within the framework of national and international anti-money laundering laws”, he said.
The forum was in furtherance of the partnership between government regulatory agencies and the DNFBPs’ Self-Regulatory Bodies, SRBs, and trade association in the fight against money laundering and terrorist financing , ML/TF, in Nigeria.
