The Economic and Financial Crimes Commission (EFCC) has revealed that it will soon begin prosecuting bank executives who have been involved in money laundering activities across Nigeria.
During the 17th annual conference of the Chartered Institute of Bankers of Nigeria (CIBN), EFCC Chairman Ola Olukoyede announced that the commission is preparing to take legal action against bank executives who have engaged in corrupt practices.
According to Olukoyede, investigations have shown that some bank officials have been complicit in money laundering, illegal foreign exchange trading, and other unlawful financial activities.
He also called on the Chartered Institute of Bankers of Nigeria to strengthen its regulatory efforts to prevent fraud within the banking sector. Olukoyede pointed out that most major financial crimes in the country are conducted through the banking system. Recently, the EFCC urged the National Assembly to pass a law supporting the government’s whistle-blower policy, which would further aid in combating financial crimes.
At the Nigerian Bar Association (NBA) conference in Lagos, Olukoyede stressed the importance of protecting whistle-blowers under the proposed law. He also urged lawyers to exercise due diligence in their practices, ensuring they thoroughly understand their clients’ backgrounds to avoid breaching Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regulations.
“As lawyers, we are supposed to hold a position of trust in our professional conduct. While we try to comply with international laws and regulations, we should also do what is right for ourselves to protect the sanctity of our profession, which is very key. Don’t try to protect suspected criminals, people who must have committed financial crimes. So, if you know who we are looking for, you must bring that person to the open and we will do our part.
Doing the right thing doesn’t necessarily come from the way of international conventions. If you do the right things, they will automatically take you out of the grey list. It is expedient on you to, at least, know who your client is. You are expected to be paid from a legitimate source. If you are a victim of crimes, you will understand what I am saying. As lawyers, you must not, in any way, derogate or demean your professional commitment to your clients. Even a part of the money laundering Act that we have evaluated doesn’t stop me from enforcing the regulations of the EFCC Act and other financial laws in Nigeria.”
