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Money laundering: You can be jailed if you allow politicians use your accounts, companies – EFCC warns Nigerians

August 11, 2023
2 Min Read

 

The Economic and Financial Crimes Commission (EFCC), has warned
Nigerians not to allow politicians use their bank accounts or companies to
launder money.

 

The commission declared that anyone, be it friends,
associates or family members, who allows those regarded as politically- exposed
persons (PEP) to use their bank accounts or companies in order to launder money
could be jailed.

 

EFCC Acting Executive Chairman, Abdulkarim Chukkol, made
these declarations while speaking at a one-day workshop on effective reporting
of economic and financial crimes.

 

The workshop, which was attended by journalists from print,
electronics and online media, was held on Thursday at the EFCC Zonal Command
Office, Iyaganku in Ibadan, the Oyo state capital.

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Chukkol, who spoke through the Acting Zonal Commander of the
EFCC, Ibadan Zonal Command, Halima Mustapha Rufa’u, insisted that family
members and friends of politicians and others holding political offices run the
risk of going to jail if they allow their companies or bank accounts to be used
to launder proceeds of illegal activities.

 

Chukkol, in his address, said that under the Money
Laundering Act, 2022, family members and close allies of politicians and public
office holders, including top civil servants, are now classified as
politically- exposed persons.

 

“A key component of this framework is the reinvigorated
Special Control Unit against Money Laundering, SCUML which is driving the fight
against money laundering and illicit financial flows among Designated
Non-Financial Businesses and Professions, DNFBPs. There is now a more robust regulation
of the activities of these entities, which are vulnerable to money laundering.

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“On this score, I would like the media to educate family
members and friends of politicians and others holding political offices that
they run the risk of going to jail if they allow their companies or bank
accounts to be used to launder proceeds of illegal activities.

 

“Under the Money Laundering Act, 2022, family members and
close allies of politicians and public office holders, including top civil
servants, are now classified as politically exposed persons.”