The Acting Chairman, Economic and Financial Crimes Commission, EFCC, Ibrahim Magu has called on bankers in Maiduguri, Borno State to ensure that they comply with the Money Laundering Act, and report to the anti-graft agency, any person(s) moving cash above the allowed threshold.
\nMagu gave the charge on Monday, April 8, 2019 during an interactive session with the Chief Compliance Officers of banks.
\nAccording to Magu, in a statement by\u00a0EFCC spokesman, Mr. Tony Orilade, \u201cNobody should carry cash above the threshold of above N10 million for corporate organizations and N5 million for individuals; anything above the threshold must be routed through financial institutions.\u201d
\nMagu also emphasized the role of Non-Governmental Organizations, NGOs in the North-East stressing that the EFCC will in the near future, begin the profiling of such organizations with a view of monitoring their financial activities.
\nHe said: \u201cWe must profile all the NGOs in the North-East. I don\u2019t know why an NGO will open more than 40 bank accounts.
\n\u201cWe are going to ask your various banks to give us statements of accounts for each and every NGO.
\n\u201cThe issue of money laundering, terrorist financing and leakage of information will be eliminated by the Commission with the help of bankers across the country.\u201d
\nWhile answering question from a bank official, Magu said, \u201cAside from terrorist financing, the Commission is trailing the activities of \u2018yahoo -yahoo\u00a0boys\u2019 on how victims were defrauded in the hands of those fraudsters by using latest technology. The Commission through the Nigerian Communications Commission is working assiduously to stop the menace\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Acting Chairman, Economic and Financial Crimes Commission, EFCC, Ibrahim Magu has called on bankers in Maiduguri, Borno State to ensure that they comply with the Money Laundering Act, and report to the anti-graft agency, any person(s) moving cash above the allowed threshold. Magu gave the charge on Monday, April 8, 2019 during an interactive […]<\/p>\n","protected":false},"author":7,"featured_media":651,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-16705","post","type-post","status-publish","format-standard","has-post-thumbnail","category-news"],"_links":{"self":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts\/16705","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16705"}],"version-history":[{"count":0,"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts\/16705\/revisions"}],"wp:attachment":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16705"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16705"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16705"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}