EFCC warns banks against aiding money laundering

EFCC Chairman, Farida Waziri

Chairman of the Economic and Financial Crimes Commission, EFCC, Mrs Farida Waziri has challenged Nigerian banks to live up to their responsibility by giving the anti-graft agency genuine information on money laundering activities going on in the sector.

She said it is in the interest of the banks to cooperate with the Commission in this regard, stressing that the EFCC is now poised to beam its searchlight on the banking sector to safeguard the nation’s economy.

The EFCC boss gave this charge Tuesday ,October 28, 2008 when a high-powered delegation of the Chartered Institute of Bankers of Nigeria (CIBN) led by its President, Dr. Erastus Akingbola paid her a courtesy visit in her office in Abuja.

Waziri while receiving the delegation noted that the visit was timely as the banking sector was crucial in the country’s economy and the realization of President Umaru Yar’Adua’s seven point agenda, as well as the vision 20- 2020.

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She said that it was quite unfortunate that corruption especially money laundering was sometimes facilitated by the banks. “We should partner with you because each time there is an occurrence of money laundering there is always insider connection,” she said.

She said that though banks comply with the Nigeria Financial Intelligence Unit (NFIU) directives to report all financial transactions, the reports in most cases are incomplete adding that “the banks give you what they want rather than what you want.” She urged the banks to put their houses in order and avoid being used as tools in the hands of those who are determined to ruin the country through money laundering.

Waziri congratulated Akingbola who is also the Group Chief Executive of Intercontinental Bank Plc over his recent election as the president of CIBN, and challenged him to bring to bear on the banking sector, his wealth of experience and integrity.

In his response, Akingbola promised to give all necessary assistance to the Commission in the fight against financial crimes. In his opinion, the banking institution can only get better if the war against money laundering and other financial crimes is going to be successful. “We are committed to enthroning good ethics in the banking sector and we are determined to get rid of bad eggs in our midst”,he assured.

The CIBN boss revealed that in line with their policy of zero tolerance for corruption,the institute has set up a disciplinary committee which is ready to help the commission in its quest to end financial crimes.He praised the effort to the commission so far in the fight against financial crimes and money laundering.

Akingbola was accompanied during the visit by Mr. Joseph Jaiyeola, the first Vice President, Mr. Olusegun Ajibola, National Secretary, Dr. Uju Ogbunka and H.R.H Prof. Green O. Nwankwo, past president of the Institute among others.