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New Money Laundering Act: EFCC, Professional Bodies to Hold Enlightenment Seminar

19 May 2013

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Hon. Bala Kaoje


Chuks Okocha in Abuja

The Economic and Financial Crimes Commission (EFCC) and the umbrella body of all professional bodies in Nigeria, the Association of Professional Bodies of Nigeria (APBN) have resolved to hold enlightenment seminar to educate members on the new money laundering laws that limited the disclosure of all transactions of fund above N150,000 to the EFCC.

According to the President of APBN, Hon. Bala Kaoje, who is also the national treasurer of the Peoples Democratic Party (PDP), the decision to hold an enlightenment seminar was to reduce frictions between the EFCC and the professional bodies in the disclosure of funds to the EFCC as contained in the new Money Laundering Act.

He said that some of the professional bodies under the APBN like the Nigeria Bar Association (NBA) have already commenced legal actions against the new Money Laundering  Act that said that all funds above N150,000 must be disclosed to the anti corruption agencies.

Kaoje told THISDAY that it was to ensure enlightenments and reduce litigations that he and members of the APBN met with the Chairman of the EFCC, Ibrahim Lamorde where it was resolved to hold a seminar to educate members on the details of the new Money Laundering Act. “The essence of the seminar is to categorize the funds that members of the association as professionals must disclose as stipulated by the new money laundering act. There are members of the association that don’t make up to N150, 000 per day and there are others that make far and above this stipulated amount.

The seminar will also educate members on their rights and also empanel a joint committee that would regulate the activities and reduce friction. 

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