Ola Olukoyede, the chairman of the Economic and Financial Crimes Commission (EFCC), has urged Designated Non-Financial Businesses and Professions (DNFBPs) to collaborate more with the agency to combat money laundering and address the vulnerability of key economic sectors to this crime.
Olukoyede made this call at a one-day outreach event in Ibadan organized by the EFCC for high-risk DNFBPs, with the theme: “Effective Implementation of AML/CFT/CPF Measures among DNFBP in Nigeria.” He was represented by ACE I Hauwa Garba Ringim, the Acting Director of the EFCC’s Ibadan Zonal Directorate. Olukoyede acknowledged the collaborative efforts of DNFBPs and other stakeholders in implementing measures against money laundering, combating the financing of terrorism, and countering proliferation financing (AML/CFT/CPF), as well as enforcing money laundering laws.
He stated that DNFBPs, such as lawyers, real estate agents, accountants, and dealers in solid minerals and precious metals, play a crucial role in the nation’s economy but could be exploited by criminals to launder illicit funds. He stressed the importance of complying with the Special Control Unit Against Money Laundering (SCUML) to prevent businesses from being used as conduits for financial crimes.
Olukoyede also noted that Nigeria’s standing in the global financial system depends on the effective implementation of AML/CFT/CPF measures across both financial and non-financial sectors. Non-compliance could expose the nation to grey-listing and international restrictions, hindering economic development. He also said that the Money Laundering (Prevention and Prohibition) Act, 2022, has empowered the EFCC to run the SCUML Unit with full regulatory and enforcement powers, including the power to sanction non-compliant DNFBPs.
He urged participants to see anti-money laundering compliance as a moral and patriotic duty, stating that “Dirty money only thrives in silent systems. When professionals speak up and follow the rules, crime dies in the dark.”
