EFCC to monitor designated non-financial professions, businesses 

…Car dealers, others to report transactions to EFCC

…Nigerians imports over 2500 vehicles weekly – Bawa

The Chairman of the Economic and Financial Crimes Commission, Abdulrasheed Bawa has revealed that designated non-financial businesses and professions are now required by a provision of the law guiding a unit of the agency – the Special Control Unit Against Money Laundering, to submit reports of their transactions over a period of time to the anti-graft agency for review.

Bawa made the revelation during a Twitter Spaces held on the agency’s official handle Wednesday night.

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The EFCC boss also noted that the commission is working on a policy document and digitalization process in regards to the commission’s internal mechanism.

Bawa said, “We realized that over the years we’ve been more focused on the issue of enforcement, specifically on investigation and prosecution. However, there’s an important aspect, which is on prevention – how to stop or hinder people from commiting economic and financial crimes.

“Now, we’re working rigorously to improve on that, and we have now gotten legal backing for the Special Control Unit Against Money Laundering. This is very important for the fact that with the provisions, designated non-financial businesses and professions which are 19 in number, now have to make their own reports of the customers that they’ve dealt with within a period of time to the EFCC to analyze whether or not illegitimate funds are used in the purchases of items.

“Nigerians import over 2500 vehicles weekly. We don’t even know who’s buying them or how they’re doing it. The law now provides that all car dealers must submit their reports to the EFCC. Another instance is a civil servant earning N500,000 and purchasing a vehicle worth N10 million and paying a tax less than N2000.”

Bawa also noted that the commission has invented five strategic objectives towards conquering the fight against economic and financial crimes.

He said, “The first is enhanced public engagement. We need to relate with the Nigerian people on the need to shy away from economic and financial crimes, and also work in tandem with the EFCC.

“The second one is the creation of improved systems and processes to improve fight against economic and financial crimes. Third is improved intelligence driven investigation, prosecution and assets recovery.

“Fourth is improved law enforcedment coordination and collaboration with other security agencies and stakeholders because we can’t do these alone.

“The fifth is, an enhanced institutional capacity and human capital development. To achieve this, we’re working on building the EFCC Academy to improve training and orientation of our operatives.”