EFCC CAUTIONS MOTOR DEALERS AGAINST MONEY LAUNDERING

By Ogundele Olanrewaju

The Economic Financial Crimes Commission has advised all motor dealers to ensure there is hundred percent compliance to the Commission money laundry act or face the wrath of the law.

This was stated by the zonal coordinator of Special Control Unit Against Money Laundering (SCUML), Mrs Toyin Ehindero Benson, a unit of Economic Financial Crimes Commission which involves in dealing with Money Laundering activities.

Mrs Benson said that the commission expect all dealers to comply with money laundering act noting that once there is any transaction of N5m Naira from an individual they have to report to Special Control Unit Against Money Laundering within seven days inorder to attract penalty.

She further hinted that the commission is ready to train a Chief Complaint Officer that will serve as a liaison officer between the commission and dealers organization on all the sections of money laundering.

Mrs Benson noted that the commission is waiting to see the dealers compliance level before the commission will start to enforce the law on the offenders.

Earlier in his remark, the state chairman Oyo state Association of Motor dealers of Nigeria, Mr Apostle Taiwo Adewole, explained that whatever policies from the government that will move their business forward, the association is ready to comply inorder work with the government.

The Statement further read: “I represent the unit controlling all the activities of money laundering in Nigeria. At this point, I will only want to advise the motor dealers association to make sure they give me a hundred per cent compliance in Ibadan because we will not take it lightly with them if they fail.

“Truth is, we don’t want those who are not fit for the job and want to be operating illegally to take over the business of motor dealing and we want to stop that. We want to fight money laundering activities.

“They have to comply with the Money Laundering Act and make sure they send all reports to us. Once there is any transaction of N5m Naira from an individual, you have to report to SCUML. And once you have N10m transaction from a corporate body, we also expect a report from you within seven days.

“Also, you have to introduce the Chief Compliant Officer to serve as a liaison person between the Commission and the dealer organisation. We will train the officer on updates on all the sections of money laundering.

“For now, we are enlightening and sensitising you and we don’t want to involve punishment or penalty. We are giving you a friendly talk now. We have to wait first to see your compliance level before we can start to enforce the law.”