EFCC Vows to Unmask Groups Aiding Terror Financing, Money Laundering

By Kingsley Nwezeh

The Economic and Financial Crimes Commission (EFCC) warned yesterday that Non-Governmental Organisations (NGOs) and Civil Society Organisations (CSOs) aiding terrorism financing and money laundering would face the full wrath of the law.

The anti-graft agency, in a statement, restated that it was mandatory to report to the Special Control Unit against Money Laundering, (SCUML), any transaction through any formal financial channels in excess of $10,000 and any cash donations in excess of $1,000.

Delivering a paper entitled, “The Role of Non-Governmental Organisations and Civil Society Organisations in Countering Terrorism Financing in Nigeria,” the Head of the Economic and Financial Crimes Commission, Lagos Zonal Office, Mr. Ahmed Ghali, said: “The law will not spare any NGO/CSO that allows itself to be a tool for perpetrating money laundering or terrorism financing in Nigeria.”

He said civil society organisations had critical roles to play in curbing money laundering and terrorism financing in Nigeria.

He spoke at a seminar jointly organised by the Economic Community of West African States (ECOWAS), the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), AML/CFT Forum, Nigeria and NGOs/ CSOs Consortium in Ikeja, Lagos.

“The varied funding sources and the ability of NGOs and CSOs to process large amounts of cash to beneficiaries and regularly transmitting funds between jurisdictions make them prone to money laundering and financing of terrorism,” he said.

According to him, “it is mandatory to report to the Special Control Unit against Money Laundering, SCUML, any transaction through any formal financial channels in excess of $10,000 and any cash donations in excess of $1,000. “Failure to do this is punishable by the law”.

Former Acting Chairman of the EFCC, Mr. Ibrahim Magu, had issued a similar warning while in office to banks and NGOs operating in the North-east.

“Nobody should carry cash above the threshold of above N10 million for corporate organisations and N5 million for individuals; anything above the threshold must be routed through financial institutions.”

He said: “We must profile all the NGOs in the North-east. I don’t know why an NGO will open more than 40 bank accounts. We are going to ask your various banks to give us statements of accounts for each and every NGO.

“The issue of money laundering, terrorist financing and leakage of information will be eliminated by the commission with the help of bankers across the country.”