The Economic and Financial Crimes Commission (EFCC) has tasked Non-Governmental Organisation (NGOs) and Civil Society Organisations (CSOs), to shun money laundering and terrorism financing.
A press statement by the Commission’s Spokesperson, Wilson Uwijaren, Monday in Abuja, said the Head, EFCC Lagos Zonal Office, Ahmed Ghali, handed the charge at a seminar jointly organised by ECOWAS, the Inter-Governmental Action Group against Money Laundering in West Africa, GIABA, AML/CFT Forum, Nigeria and NGOs/ CSOs Consortium in Ikeja, Lagos.
He said Ghali informed the NGOs and CSOs that they had critical roles to play in curbing money laundering and terrorism financing in Nigeria.
“Delivering a paper entitled, “The Role of Non-Governmental Organisations and Civil Society Organisations in Countering Terrorism Financing in Nigeria”, Ghali stressed the law will not spare any NGO/CSO that allows itself to be a tool for perpetrating money laundering or terrorism financing in Nigeria.
“The varied funding sources and the ability of NGOs and CSOs to process large amounts of cash to beneficiaries and regularly transmitting funds between jurisdictions make them prone to money laundering and financing of terrorism,” the statement read in part.
According to the zonal head, “It is mandatory to report to the Special Control Unit against Money Laundering, SCUML, any transaction through any formal financial channels in excess of $10,000 and any cash donations in excess of $1,000. Failure to do this is punishable by the law.”
