The Chairman of the Economic and Financial Crimes Commission (EFCC), Olu Olukoyede, has called for heightened regulatory oversight in the banking sector to curb financial crimes, including money laundering and illegal foreign exchange activities.
Speaking at the Nigerian Bar Association (NBA) conference in Lagos, Olukoyede revealed that recent findings indicated the complicity of bank officials in these illicit activities.
Olukoyede emphasized the need for the Chartered Institute of Bankers of Nigeria (CIBN) to strengthen its regulatory functions to prevent fraud within the banking system. He pointed out that major financial crimes in the country are often facilitated through the nation’s banking institutions.
The EFCC chairman also urged the National Assembly to enact legislation supporting the government’s whistleblower policy. He emphasized that such a law would mandate the protection of whistleblowers by law enforcement agencies, ensuring they are safeguarded when reporting financial misconduct.
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Olukoyede as well addressed the legal community, calling on lawyers to exercise due diligence in their practices. He stressed the importance of lawyers understanding the backgrounds of their clients to avoid violating 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,” he stated.
The EFCC chairman urged legal practitioners not to protect suspected criminals involved in financial crimes, emphasizing that knowing and revealing the identities of such individuals would contribute to the EFCC’s efforts to enforce the law.
Olukoyede further noted that adherence to the right practices would automatically help Nigeria improve its standing internationally, particularly in areas concerning financial transparency and anti-money laundering measures.
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He reminded lawyers of their obligation to ensure that their fees come from legitimate sources and not from proceeds of crime, urging them to maintain their professional commitment without deviating from the legal and ethical standards expected of them.
The EFCC chairman concluded by reaffirming the commission’s commitment to enforcing the regulations outlined in the EFCC Act and other financial laws in Nigeria, highlighting the need for collective efforts to rid the country of financial crimes.