EFCC Tasks Motor Dealers On Compliance With Money Laundering

efcc-e1466942426836
Share on facebook
Share on google
Share on twitter
Share on linkedin

The EFCC has tasked motor dealers to ensure compliance with regulations requiring registration and certification of their businesses by the Special Control Unit against Money Laundering (SCUML).

Its Ilorin Zonal Commander, Mr Michael Nzekwe, said this when members of Kwara Motor Dealers Association, led by its President, Alhaji Ahmed Abdul, visited the office on Wednesday in Ilorin.

Nzekwe said apart from enforcing compliance with SCUML regulations, the EFCC under the new Money Laundering Act (MLA), had legal responsibility in safeguarding the investment of stakeholders in the Non-Designated Financial Institutions (NDFI) from the activities of fraudsters.

He further said that under the new MLA, SCUML was now under the EFCC, adding that part of its responsibilities was to ensure compliance of NDFIs including but not limited to car dealers, jewelry dealers, real estate managers, hoteliers and other stakeholders with the provisions of the law.

The zonal commander urged members of the association to ensure due diligence in the conduct of their businesses.

Leave a Reply