The Economic and Financial Crimes Commission (EFCC) has announced that it will soon initiate legal action against bank executives implicated in money laundering activities. EFCC Chairman Ola Olukoyede revealed at the 17th annual conference of the Chartered Institute of Bankers of Nigeria (CIBN) that the commission has uncovered substantial evidence of bank officials’ involvement in money laundering, illegal forex transactions, and other financial misconduct.
Olukoyede highlighted the critical role of banks in facilitating major financial fraud, stressing the need for enhanced regulatory measures to combat these issues. He urged the CIBN to improve its oversight to prevent such crimes and safeguard the financial system.
The EFCC is also pushing for new legislation to bolster the government’s whistle-blower policy, aiming to ensure protection for individuals who report financial crimes. Olukoyede made this appeal during his address at the Nigerian Bar Association (NBA) conference in Lagos. He emphasized the importance of due diligence among legal professionals to comply with Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulations.
“Lawyers must be vigilant about the legitimacy of their clients and sources of payment,” Olukoyede advised, urging them not to defend individuals involved in financial crimes. He underscored that protecting the integrity of the legal profession is essential for upholding justice and preventing financial corruption.
The EFCC’s forthcoming prosecutions aim to address and mitigate financial misconduct within the banking sector, reinforcing the commission’s commitment to combating corruption and enforcing financial laws.
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