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‘Bankers aid money laundering in Nigeria’

Former chairman of the Economic and Financial Crimes Commission, EFCC, Nuhu Ribadu

The first chairman of the Economic and Financial Crimes Commission, EFCC, Nuhu Ribadu, has said several money laundering frauds happen in Nigeria with the active connivance of banks and their workers.

Mr. Ribadu who stated this in his keynote address at a book launch in Abuja on “Improving Anti-Money Laundering Compliance: Self-protecting Theory and Money Laundering Reporting Officers” noted that the banking system is prone to abuse by corrupt elements.

The book is authored by Abdullahi Bello of the Abdulbel Consulting.

“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 said.

Mr. Ribadu in his characteristic frankness posited that limited development is not because the country is lacking in laws and regulations, but because Nigeria is lacking in issues with compliance and enforcement.

He said: “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.”

He advised banks to identify the risk of money laundering in relation to products, services and customers and assess such risks at every stage, adding that such risks should also be managed whether high, medium or low- risk profiling through reporting, due diligence and monitoring.

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About Delia Innoma

Delia Innoma is a prolific writer, promoter, artist manager with full professional proficiency in English, German and Igbo languages. She studied accounting and computer programming at the Institute of Management and Technology Enugu and Germany respectively. Delia is also a devoted mother of two and she founded the Diamond Celebrities Magazine. Her sense of responsibility and commitment to the Christian faith are essential forces driving her daily activities.

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