“Don’t Protect Suspected Criminals”: EFCC Set to Expose Bank Official Involved in Money Laundering

• According to the Economic and Financial Crimes Commission, bank executives were complicit in the nation's money laundering
• The commission’s chairman announced that bank executives involved in corrupt practices will soon face legal action
• It also suggested that legislation supporting the government's whistleblower policy be passed by the National Assembly (NASS)

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

The Economic and Financial Crimes Commission (EFCC) declared that bank leaders were involved in the country's money laundering and that it would soon start prosecuting them.

Ola Olukoyede, the chairman of the Economic and Financial Crime Commission (EFCC), announced at the 17th annual conference of the Chartered Institute Bankers of Nigeria that the commission will shortly begin prosecuting bank executives who have engaged in corrupt activities.

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He claimed in a ChannelsTV report that research exposed bank executives' involvement in illegal FX trading, sales, and money laundering.

The head of the EFCC stated that significant financial fraud was carried out through the country's banking system, even as he urged the CIBN to strengthen its regulatory duties to prevent fraud.

EFCC push for whistleblower policy

The commission has recommended the National Assembly (NASS) to pass legislation endorsing the government's whistleblower policy.

At the Nigerian Bar Association (NBA) convention in Lagos, Olukayode made the request, pointing out that if the bill is passed, law enforcement organisations will be required to protect whistleblowers.

The chairman of the EFCC also urged attorneys to always exercise due diligence in their work.

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In his opinion, it is imperative that they are aware of their clients' backgrounds in order to comply with the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) requirements.

“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 the sanctity of our profession, which is very key.

“Don’t try to protect suspected criminals, people who must have committed financial crimes. So, if you know who we are looking for, you must bring that person to the open and we will do our part.

EFCC uncovers 2 former ministers, ex-governor's plots

Legit.ng reported that the Economic and Financial Crimes Commission (EFCC) has alleged that two former ministers and an ex-governor are sponsoring protests against it in some parts of the country.

According to the EFCC spokesperson, Dele Oyewale, the protests result from the agency's efforts to tackle corruption, which has affected some "looters of the commonwealth".

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According to The Punch, the EFCC had alerted Nigerians of a planned protest by a "shadowy group" and assured them that it was working with other security agencies to maintain peace and security in the country.

Source: Legit.ng