EFCC accuses banks of facilitating money laundering

By Tobi Soniyi and Everest Amaefule, Abuja

The Chairman, Economic and Financial Crimes Commission, Mrs. Farida Waziri, on Tuesday, accused banks of facilitating money laundering.

Speaking while receiving a delegation of the Chartered Institute of Bankers of Nigeria led by its President, Dr. Erastus Akingbola, in her office in Abuja, Waziri was quoted by EFCC’s spokesman, Mr. Femi Babafemi, as expressing regret that money laundering was sometimes being facilitated by banks.

This is coming just as Waziri said it had become imperative for the EFCC to collaborate with the Federal Inland Revenue Services to rid the country of money laundering and tax evasion.

She said there was the need for both organisations to share information and work together at the International Tax Conference in Abuja on Tuesday, noting that both crimes were depriving the government of funds necessary for development.

Represented at the event by Secretary of the Commission, Mr. Emmanuel Akomaye, the EFCC boss said both crimes were global phenomena that manifested in various forms and derived from loopholes, errors and ambiguities in a country’s relevant laws.

While hosting the CIBN team, Waziri also accused banks of giving incomplete information, while complying with the Nigeria Financial Intelligence Unit.

She therefore urged banks to cooperate with the commission to tackle the problem.

She said, “We should partner with you because each time there is an occurrence of money laundering, there is always insider connection.”

She said that though banks were complying with the NFIU directives to report all financial transactions, the reports in most cases were incomplete, adding that “the banks give you what they want rather than what you want.”

She urged the banks to put their houses in order and avoid being used as tools in the hands of those who were determined to ruin the country through money laundering.

Waziri challenged Nigerian banks to live up to their responsibility by giving the anti-graft agency genuine information on money laundering activities going on in the sector.

She said it was in the interest of the banks to cooperate with the EFCC because the “commission is now poised to beam its searchlight on the banking sector to safeguard the nation’s economy.”

According to her, the visit was timely as the banking sector was crucial to the country’s economy and the realisation of President Umaru Yar’Adua’s seven-point agenda and the Vision2020.

In his response, Akingbola promised to give all necessary assistance to the commission in the fight against financial crimes, noting that the banking institution could only get better if the war against money laundering and other financial crimes were to be successful.

“We are committed to enthroning good ethics in the banking sector and we are determined to get rid of bad eggs in our midst,” he assured.

The CIBN boss revealed that in line with the institute’s policy of zero tolerance for corruption, it had set up a disciplinary committee, which would help the commission in its quest to end financial crimes.

Source: Punch