That Association of Bureau De Change of Nigeria, ABCON says the association’s recent collaboration with the Economic and Financial Crimes Commission (EFCC) will curb money laundering and terrorism.
Disclosing this in an exclusive interview with The Nation, the President of ABCON, Alhaji Aminu Gwadabe stated that this has become as members have now become pray to money launders.
“The anti-money laundering and anti-terrorism laws are fast developing and taking shape and Bureau DE change is part of financial and the BDCs are the weakest link in the financial institution.
“It is easier to come to them and to launder the proceeds. Having that scenario, it becomes very important to upgrade the knowledge of the BDCs and to sensitize them. We are not going to limit ourselves to only public sensitization, but shall hold workshops, and training by Nigerian Financial Intelligent Unit (NFIU), an arm of the EFCC”, says Gwadabe.
According to him, part of the sensitisation is by creating awareness for our members to be able to easily detect a suspicious transaction, explaining that it must be reported to the EFCC.
He stressed; “There is a lot of security report that people are bringing in illicit funds to cause havoc and to disrupt the peace of the country. Sometimes, these launders or money bags find it very easy to use these BDCs, because of the nature of Bureau DE change and its size.
“So they prefer to use the BDCs because of the nature of some of the operators who do not keep records.”
Gwadabe noted that there is always a distinction between the licensed Bureau De Change and the Un-licensed Bureau De Change, adding the unlicensed does not want to keep any form of records, as they often believe it is not necessary.
“This is to sensitise and train BDCs on the activities of money launders, terrorism financing. We have integrated our portal with the CBN, FIRS, and EFCC, so that financial transections’ can be monitored and reported when a transaction is suspected to be illicit.
“We send our cash transection report of any amount that is above $5million for individuals and $10million for companies in the cash transaction. Once the report is sent to our portal, the CBN and the EFCC gets alert, which will help to carry out the necessary investigations and to stop any of the transactions found to be illegal or to be financing terrorism.”