The Economic and Financial Crimes Commission (EFCC) has announced its intention to commence legal proceedings against bank executives implicated in facilitating money laundering activities within the nation.
During the 17th annual conference of the Chartered Institute of Bankers of Nigeria, the Chairman of the EFCC, Ola Olukoyede, announced that the commission will commence legal proceedings against bank executives implicated in corruption-related activities in the near future.
Money laundering: Bank Executives’ Prosecution To Start Soon – EFCC
According to him, findings revealed complicity in money laundering, illegal forex sales and trading among bank officials.
While respectfully requesting the CIBN to enhance its regulatory measures to prevent fraud, the EFCC head highlighted that significant financial frauds were being carried out through the nation’s banking system. Recently, the commission politely urged the National Assembly (NASS) to enact a law that supports the government’s whistle-blower policy.
Olukayode who made the call at the Nigerian Bar Association (NBA) conference in Lagos, noted that once the law is enacted, it will make it mandatory for law enforcement agencies to protect the whistle-blowers. The EFCC chairman also called on lawyers across the country to always observe due diligence in their practices.
This, according to him, is necessary for them 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.
“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. Even a part of the money laundering Act that we have evaluated doesn’t stop me from enforcing the regulations of the EFCC Act and other financial laws in Nigeria.”
