EFCC Tasks Professionals On War Against Money Laundering, Corruption

By Tony Adibe

The Chairman, Economic and Financial Crimes Commission (EFCC), Mr. Abdulrasheed Bawa has tasked Professional bodies in Nigeria on the need for their members to join in the current war against money laundering and other forms of corrupt practices in the country.

He said that the anti-corruption fight should not be left to the EFCC alone since every Nigerian citizen, especially the professionals both within and those in the Diaspora ought to    play vital roles in the anti-graft fight because anyone could become a  victim of financial fraud and other  corruption schemes.

Bawa was addressing professionals as a keynote speaker during the opening session of the 2-day Association of Professional Bodies of Nigeria (APBN) 2023 Presidential Retreat held at Hotel Sylvia, Enugu. Themed, “Professions, Professionalism and Governance in Nigeria,” the retreat was meant to enable members to rub minds together, review their past activities and chart a way forward for better service delivery and good governance in the country.

Represented on the occasion by Johnson Oshodi,   the EFCC Enugu Zonal Commander, Bawa said that since professionals are found in all sectors in Nigeria, they should join hands with the anti-graft commission to fight against money laundering and other kinds of fraud in the country.

Bawa said it was sad to know, however, that high-profile investigations in Nigeria and overseas have drawn widespread attention to the essential role of certain professionals in relation to international money laundering, financial fraud, corruption schemes, and tax evasion.

He said that corruption has been described as an existential issue for Nigeria, adding that “It has been said that ‘we either put an end to corruption or corruption puts an end to Nigeria’. As professionals in various fields, we are the first line of defence in the fight against corruption and the preservation of good governance at both the private and public institutions in Nigeria.”

Bawa, who cited a report, he said, was published by PwC Nigeria revealed that “corruption in Nigeria would cost up to 37% of Gross Domestic Products (GDP) by 2030 if it’s not dealt with immediately. This cost is equated to around $1,000 per person in 2014 and nearly $2,000 per person by 2030. Similarly, the Corruption Perception Index computed by the Transparency International affirmed that Nigeria has moved up four places in the latest 2022 Corruption Perceptions Index (CPI) to rank 150 out 180 countries assessed in 2022. This shows that despite the tremendous effort of the present government the problem remains endemic.”

The EFCC boss further explained: “As gatekeepers, professionals are saddled with the responsibility of instituting transparency and accountability in any organization by ensuring that transactions are valid, at arm’s-length, captured and properly recorded according to established standards. Professionals in every field of endeavour must also acknowledge the duty to protect the public interest, and under obligations under vigorous codes of professional and personal ethics which calls for the highest levels of integrity and objectivity in the course of their business.”

Bawa said it was pertinent to reiterate the need for every profession that has been listed as a Designated Non-Financial Business and Profession (DNFBP) under the Money Laundering (Prevention and Prohibition) Act, 2022 to make declaration of their business activities to the Special Control Unit against Money Laundering of the EFCC and put in internal policies and procedures to combat money laundering and consequently corruption.

He further reiterated his earlier appeal to professionals to team up with the anti-fraud commission to fight corruption. “I also want to use this opportunity to admonish every professional association in attendance to join hands with the EFCC through SCUML in promoting a culture of Anti-Money Laundering compliance in Nigeria,” he said.

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