By Baron Ike
Former Chairman of the Economic and Financial Crimes Commission (EFCC), Nuhu Ribadu, has accused the banks as being complicit in several money laundering frauds that happen in Nigeria.
In a keynote address at the launch in Abuja of a book: “Improving Anti-Money Laundering Compliance: Self-protecting Theory and Money Laundering Reporting Officers,” Ribadu said bankers and their workers have done more harm than good to the Nigerian society.
The book is written by Dr. Abdullahi Usman Bello of Abdulbel Consulting.
Ribadu reiterated that the Nigerian banking system is prone to abuse by corrupt elements.
Said Ribadu: “Our banking system is prone to abuse by corrupt elements.
“As investigations reveal every now and then, almost no case of corruption occurs without the involvement of banks and bankers.”
He explained that the country was not lacking in laws and regulations, but in issues of compliance and enforcement.
He words: “We have them in abundance. Even the EFCC Act, for example, amply tackles these issues.
We also have the Money Laundering (Prohibition) Act, 2011, the CBN AML/CFT Regulation, 2009 (as amended), among others. As is often said, Nigeria is not lacking in laws, but the issue is with the compliance and enforcement. It is the same with AML issues.
“Despite the best efforts of the anticorruption agencies, some audacious and unpatriotic elements still find room to abuse the system, despite the possible consequence.”
Ribadu advised banks to identify the risk of money laundering in relation to products, services and customers and assess such risks at every stage.
He added that such risks should also be managed whether high, medium or low- risk profiling through reporting, due diligence and monitoring.
Ribadu advised the Board and management of banks to cooperate with law enforcement agencies and regulators to stem money laundering tide.
Chairman of the occasion and Governor of the Central Bank of Nigeria, Godwin Emefiele said trends in the flow of illicit financial transactions need to be curtailed, and that dirty money flows are proceeds of corruption and crime which must be combatted.
Emefiele who bought copies of the books for banks and universities in Nigeria said regarding the banks he supervises that great efforts to support anti-money laundering policies and actions and the development will continue to be encouraged to tackle the menace.
Tthe book reviewer, Prof. Abdullahi Shehu, said it provides recommendations on how to improve the effectiveness and efficiency of Anti-Money Laundering Law compliance by introducing the theory, framework and approach for dealing with the concerns of money Laundering Reporting Officers within the banking industry. The former Director General of the Inter-Governmental Action Group against Money Laundering in West Africa also harped on the need to stamp out the menace.
Ribadu: Bankers Aid Money Laundering In Nigeria
