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EFCC, ABCON take fight against money laundering to MM2

The Economic and Financial Crimes Commission (EFCC) and the Association of Bureau De Change Operators of Nigeria (ABCON) have taken the campaign against money laundering and terrorism financing to the Bureau de Change (BDC) operators at the Murtala Mohammed Airport 2 (MM2), Lagos.

Speaking during the sensitisation programme against money laundering and terrorism financing campaign at MM2, EFCC Chairman, Ibrahim Magu, called for continuous sensitisation on issues around Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) reporting to improve transparency in BDCs’ operations.

Other stakeholders at the event also spoke on the use of BDCs for illicit political transactions, illegal border cash evacuation, reporting of suspicious transactions, fraud accounts transactions and cash dollar deposits on domiciliary accounts.

ABCON President, Aminu Gwadabe, said the BDC sector was part of the financial system and was seen as the weakest link in the financial system and, therefore, appealed to the regulators to approve the group’s request for the establishment of the institute’s training centre and building capacity of over 4,500 BDC operators for better understanding of the menace of money laundering and terrorism financing.

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