Thursday, 01 November 2012 00:00
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Culture, practice of anti-money laundering may end menace

A consulting firm, DataPro involved in ant-money laundering and terror finance fighting has said that the culture and practice of ant-money laundering and terror finance fighting in the country will help end the menace of the activities of those involve called in the act.
Managing Director of DataPro Limited, Mr. Abimbola Adeseyoju at a workshop organised by DataPro in collaboration with the Special Control Unit against Money Laundering (SCUML) said that the culture of Anti-Money Laundering and Terrorist Financing compliance would help deepen the fight against act.

Adeseyoju said, the idea behind DataPro was to establish an independent and highly professional firm that will authenticate information and data on individuals, entities, agencies, central authorities and institutions in Nigeria.
He further stated that the ideal behind the AML/CFT compliance was to ensure that criminals do not benefit from their crimes.

Adeseyoju noted that, DataPro, has set the pace for others in the country saying that Datapro has been the fifth indigenous company in Nigeria to offer AML/CFT compliance consulting and training.
He added that they started with Guaranty Trust Bank in January 2005 and today they are in five West African countries including Nigeria offering services to more than 60 per cent of banks and non-financial institutions.
 As for the country, he said Nigerians must formulate an acceptance framework in line with Recommendation of the Financial Action Task Force of 2012 Principles which is on asset seizure, confiscation and forfeiture as one of the deterrents to money laundering and terrorist financing.
 Also speaking the Executive Chairman of Economic and Financial Crimes Commission (EFCC), represented by Mr. Hanafi Baba Ahmed

Speaking further, he said whether past, now or tomorrow, it is a necessity to fight money laundering because of its negative factor in a country's economy.
“In 2005, the EFCC established the Nigerian Financial Intelligence Unit (NFIU), which draws its powers from the Money Laundering (Prohibition) Act of 2004 and the EFCC Commission Act of 2004.
 Ahmed noted that the NFIU is the central agency for the collection, analysis and dissemination of information on ML and TF and all financial institutions and designated non-financial institutions required by law to furnish the NFIU with details of their financial transactions.

Director of the Special Control Unit against Money Laundering (SCUML), Mrs. Angela Nworgu will seeking the assistance of the media and other stakeholders' compliance on the fight to eradicate money laundering and other fraudulent act in the country called for a strong compliance for a quick address to money laundering in the country.
“Let's work together, We want everyone's compliance with the law in other to stop money laundering in the country, “she noted.