By Olusegun Olanrewaju, with additional report
The Economic and Financial Crimes Commission (EFCC) has said it would soon commence the prosecution of bank executives who are complicit in aiding money laundering.
Speaking at the 17th annual conference of the Chartered Institute Bankers of Nigeria, the Chairman of the EFCC, Ola Olukoyede, said the commission will start prosecuting bank executives involved in corruption.
He said findings revealed complicity in money laundering, illegal forex sales, and trading among bank officials.
While calling on the CIBN to step up its regulatory functions to guard against fraud, the EFCC boss said major financial fraud were conducted through the nation’s banking system.
The commission recently urged the National Assembly (NASS) to enact a law supporting 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 nationwide to always observe due diligence in their practices.
According to him, it is necessary for them to know the background of their clients so as not to violate the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regulations.
He said, “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 our profession’s sanctity, which is critical.
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.”
