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EFCC warns non-compliant forex firms

28 January 2014, 08:44Augustine Osayande

Abuja - The Executive Chairman of Economic and Financial Crimes Commission (EFCC), Ibrahim Lamorde, has warned Bureau de Change operators across the country to carry out their businesses within the perimeters of the law and in line with international best practices.

He said firms that did not comply with regulations risked prosecution and losing their operating licenses.

Lamorde warned at a one-day sensitization workshop the commission, through the Nigerian Financial Intelligence Unit (NFIU), organized for Bureau de Change operators.

The event was held at the EFCC Academy in Karu, Abuja.

Larmode expressed displeasure with the role of the operators in the physical movement of cash across the nation’s borders.

 He said about $25.4 billion was moved out of the country through cross border physical movement of cash and financial instruments between 2009 and 2013.

“While this figure may not necessarily be indicative of the proceed of crime, it does however show the Anti- Money Laundering (AML) and Combating the Financing of Terrorism (CFT) vulnerabilities associated with cash movements,” Lamorde said.

The EFCC chairman enjoined executives in the sector to identify and rid the industry of unprofessional operators who rendered services without the knowledge of the relevant laws.

 President of the Bureau de Change Operators of Nigeria, Aminu Gwadabe, commended EFCC for organising the workshop.

He proposed adequate synergies between the operators and the regulators.

– CAJ News


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