Abuja - The Central Bank of Nigeria (CBN) and
the Economic and Financial Crimes Commission (EFCC) are set to collaborate to
review laws of the Banking and Other Financial Institutions Act 2004 to effectively
tackle the emerging money laundering trends and other corrupt practices in the
The plans have been announced in Kano following a meeting
between officials from the two orgaisations.
Kano branch controller of the CBN, Ameena Abubakar stressed
the need to review the outdated laws towards meeting the current global
challenge of anti-corruption war.
Also read: EFCC turns down new Money Laundering Bill
“The CBN is consistently working round the clock to ensure
that financial institutions like the banks and Bureau de Change, BDC, adhere
strictly to the laws of the CBN,” said Abubakar.
She reiterated that the CBN is ready to partner with the
EFCC towards ensuring that all stakeholders play within the rules of the agency
and the law.
David Illoyanomon, EFCC Head of North West Zonal Office, the
country was facing challenges in areas of fraudulent practices.
“The CBN remains a pivotal in stabilizing the economy
through reviewing of some of its laws which due to emerging fraudulent
practices have made them archaic,” said Illoyanomon.
- CAJ News