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EFCC Set to Begin Prosecution of Bank Executives Linked to Money Laundering

by ArmadaNews
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The Economic and Financial Crimes Commission (EFCC) is set to commence prosecution of bank executives who are complicit in aiding money laundering in Nigeria.

Chairman of the EFCC, Ola Olukoyede, dropped the hint in a speech at the 17th annual conference of the Chartered Institute Bankers of Nigeria.
Olukoyede said investigation by the commission indicted some bank executives of complicity in money laundering, illegal forex sales and trading among bank officials.

He urged the CIBN to step up its regulatory functions to check fraudulent activities in the banking sector, pointing out that major financial frauds were conducted through the  banking system.

The EFCC chair noted that once there is an enactment to back up the whistle-blower policy of the government, it will make it mandatory for law enforcement agencies to protect the whistle-blowers.

He also counseled Nigerian lawyers to always observe due diligence in their practices, saying it is necessary in order to know the background of their clients so as not to run foul of the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regulations.

He said: “As lawyers, we are supposed to hold a position of trust in our professional conduct. While we try to comply with international laws and regulations, we should also do what is right for ourselves to protect the sanctity of our profession, which is very key.

“Don’t try to protect suspected criminals, people who must have committed financial crimes. So, if you know who we are looking for, you must bring that person to the open and we will do our part.

“Doing the right thing doesn’t necessarily come from the way of international conventions. If you do the right things, they will automatically take you out of the grey list.

“It is expedient on you to, at least, know who your client is. You are expected to be paid from a legitimate source.

“If you are a victim of crimes, you will understand what I am saying. As lawyers, you must not, in any way, derogate or demean your professional commitment to your clients.”

 

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