Money Laundering: Bank Executives Will Soon Face Prosecution – EFCC

Bank executives are complicit in helping the nation’s money laundering efforts, according to the Economic and Financial Crimes Commission (EFCC), which also said that it will shortly start prosecuting cases.

The EFCC Chairman, Ola Olukoyede, announced at the 17th annual conference of the Chartered Institute Bankers of Nigeria that the agency will shortly begin prosecuting bank executives who have engaged in corrupt activities.

He claims that research exposed bank executives’ involvement in illicit FX trading, sales, and money laundering.

The head of the EFCC stated that significant financial fraud was carried out through the country’s banking system, even as he urged the CIBN to strengthen its regulatory duties to prevent fraud.

The commission has recommended the National Assembly (NASS) to pass legislation endorsing the government’s whistleblower policy.

At the Nigerian Bar Association (NBA) convention in Lagos, Olukayode made the request, pointing out that if the bill is passed, law enforcement organizations will be required to protect whistleblowers.

The chairman of the EFCC also urged attorneys across to always exercise due diligence in their work.

In his opinion, it is imperative that they are aware of their clients’ backgrounds in order to comply with the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) requirements.

“We are supposed to hold a position of trust in our professional conduct as lawyers,” he stated. Protecting the sanctity of our profession is crucial, and we should act morally toward that end even as we work to abide by international laws and regulations.

“People who are suspected of committing financial crimes should not be shielded from suspicion. Thus, if you are aware of the individual we are searching for, please bring them forward, and we will assist.

“International conventions are not always the path to doing the right thing. You will be removed off the gray list automatically if you follow the correct procedures.

“It is in your best interest to at least be aware of who your client is. It is required of you to receive payment from a reliable source.

“You will comprehend what I am saying if you have been a victim of crime. It is imperative that you, as attorneys, never diminish or disparage your professional dedication to your clients.

“The provisions of the EFCC Act and other financial laws in Nigeria are still enforced by me, notwithstanding a portion of the money laundering Act that we have examined.”