ABUJA
Abujacitynews has learnt that the Economic and Financial Crimes Commission, EFCC and Nigeria Financial Intelligence Unit, NFIU are investigating the activities of six bureaux de change, BDC operators for their roles in converting the $2.1 billion arms money to naira.
The Chairman of Association of Bureau De Change Operators of Nigeria, ABCON, Alhaji Aminu Gwadabe, who disclosed this in a telephone conversation with The Nation said that the group is awaiting the outcome of the investigation to decide appropriate sanctions for the operators involved.
His words :
“Some of the persons involved in the transactions allegedly exchanged the dollar to naira through the BDC operators. We understand about six operators are involved and we are monitoring the outcome of the investigations closely."
He informed that both the EFCC and NFIU are considering the possibility of organizing retreats for the BDCs to educate them on the procedures to report illicit financial flow and money laundering activities. .
According to Gwadabe, ABCON has zero tolerance for noncompliance with regulatory requirements and unethical conducts for which reason it created the office of Compliance Officer in its National Secretariat and Zonal Offices.
Gwadabe said that each of the a BDCs under probe exchanged about $350 million, with minimal or no documentation, contrary to regulatory guidelines and in contravention of the Anti-Money Laundering and Counter Financing of Terrorism, AML/CFT regulations of the Central Bank of Nigeria (CBN) .
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