EFCC To Begin Prosecuting Top Bank Executives Over Money Laundering

The Economic and Financial Crimes Commission (EFCC) has accused bank executives of being complicit in facilitating money laundering in the country, announcing that it will soon begin prosecuting those involved.

BrandNewsDay reports that speaking at the 17th annual conference of the Chartered Institute of Bankers of Nigeria (CIBN), EFCC Chairman Ola Olukoyede stated that the commission is preparing to prosecute bank executives found guilty of corruption.

He revealed that investigations have uncovered the involvement of bank officials in money laundering, illegal foreign exchange transactions, and other illicit trading activities.

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Olukoyede urged the CIBN to strengthen its regulatory oversight to prevent fraud, noting that major financial crimes are often carried out through the banking system.

Additionally, the EFCC has called on the National Assembly to pass legislation supporting the government’s whistle-blower policy. At the Nigerian Bar Association (NBA) conference in Lagos, Olukoyede emphasized that such a law would require law enforcement agencies to protect whistle-blowers.

The EFCC chairman also advised lawyers to practice due diligence by understanding their clients’ backgrounds and ensuring compliance with Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regulations.

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He said, “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.”