EFCC Go After Bank Executives Aiding And Abetting Money Laundering

 

The Economic and Financial Crime Commission (EFCC) has announced that it would soon begins the prosecution of bank executives aiding money laundering in the country.

The Chairman of the EFCC, Ola Olukoyede, stated that findings have revealed complicity in money laundering, illegal forex sales and trading among bank officials.

He made the disclosure at the 17th annual conference of the Chartered Institute Bankers of Nigeria.

While calling on the Chartered Institute of Bankers of Nigeria (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 which supports the whistle-blower policy of the government.

Olukoyede, made the call at the Nigerian Bar Association (NBA) conference in Lagos.

He advised lawyers across the country to always observe due diligence in their practices.

According to him, “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.

Doing the right thing doesn’t necessarily come from the way of international conventions. If you do the right things, they will automatically take you out of the grey list. It is expedient on you to, at least, know who your client is. You are expected to be paid from a legitimate source. If you are a victim of crimes, you will understand what I am saying. As lawyers, you must not, in any way, derogate or demean your professional commitment to your clients. 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.”

Breaking: Former Pension Boss, Maina Sentenced To 61years Imprisonment For N2.3 Billion Money Laundering

 Nigerian pension management official, Abdulrasheed Maina has been sentence to 61 years Imprisonment after finding him guilty of money laundering and racketeering.

Maina was sentence today, November 8, 2021 by the Abuja Division of the Federal High Court

However, Mr Maina will spend only eight years in prison as the sentences are stipulated to run concurrently by Justice Okon Abang.

Mr Abang said Mr Maina bribed bankers at Fidelity Bank to compromise due diligence in handling heavy transactions.

He was found guilty of illegally depositing up to N2.3 billion in three installments in violation of extant money laundering regulations.

The judgement marks a major victory for the anti-graft EFCC, whose officials have spent eight years chasing the case.

Mr Maina’s son was convicted recently on a similar set of charges. Details shortly…