EFCC boss seeks more commitment to AML/CFT implementation

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The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has expressed concern over the vulnerability of Designated Non-Financial Businesses and Professionals (DNFBPs) to criminal exploitation, describing the sector as an all-comers affair prone to abuse.

Mr Olukoyede emphasised the need for a stronger commitment to the implementation of Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) measures in Nigeria.

He made this call during a public-private dialogue forum held in Abuja on Wednesday. The event was organised for DNFBPs by the Special Control Unit against Money Laundering (SCUML), in collaboration with the Nigerian Financial Intelligence Unit (NFIU).

Represented by the Director of Fraud Risk Assessment and Control (FRAC), Commander CE Francis Usani, Olukoyede highlighted the crucial role DNFBPs play in the economy, while also pointing out their susceptibility to misuse by criminal elements.

He noted that the sector is particularly vulnerable because it operates with minimal barriers to entry, allowing individuals to engage and disengage at will.

This, he stressed, makes it imperative to tighten regulatory frameworks and enhance oversight within the sector.

“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.

“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 in the wake of the greylisting of Nigeria, but despite 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.”

He stated that Nigeria is currently under enhanced monitoring by the International Cooperation Review Group (ICRG) of the Financial Action Task Force (FATF) due to shortcomings identified in the country’s second Mutual Evaluation Report.

According to Olukoyede, these deficiencies include significant gaps in the supervision and compliance of Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) across all Designated Non-Financial Businesses and Professions (DNFBPs) subsectors.

He assured that the Economic and Financial Crimes Commission (EFCC) is fully committed to implementing the necessary measures under the AML/CFT regime to ensure Nigeria’s removal from the 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 of SCUML and Commander of the EFCC, CE Daniel Isei, stated that the purpose of the forum was to promote a stronger culture of compliance with rules and regulations among Designated Non-Financial Businesses and Professions (DNFBPs) through the effective implementation of the Money Laundering (Prevention and Prohibition) Act, 2022.

President of the Nigerian Bar Association (NBA), Mazi Afam Osigwe, represented by Dr. Mobalaji Ojibara, commended the EFCC for its leadership in advancing the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regime across Nigeria. He also expressed the legal community’s commitment to supporting the enforcement of AML/CFT measures.

“As lawyers, our responsibility extends beyond providing legal advice or representing clients in court. We are also custodians of ethical practice, ensuring that businesses, particularly DNFBPs, operate within the bounds of both national and international anti-money laundering laws,” he emphasised.

The forum was part of an ongoing collaboration between government regulatory bodies, DNFBP Self-Regulatory Bodies (SRBs), and trade associations in the fight against money laundering and terrorist financing (ML/TF) in Nigeria.