The Economic and Financial Crimes Commission (EFCC) has cautioned Nigerians not to enable politicians to launder money through their bank accounts or corporations.
The report stated that anyone, whether acquaintances, associates, or family members, who allow politically exposed individuals (PEP) to utilize their bank accounts or firms to launder money might face jail time.
Abdulkarim Chukkol, Acting Executive Chairman of the EFCC, made these statements while speaking at a one-day course on effective reporting of economic and financial crimes.
The session, which was attended by journalists from print, electronic, and online media, was held on Thursday at the EFCC Zonal Command Office, Iyaganku, in Ibadan, the Oyo state capital.
Chukkol, speaking through the Acting Zonal Commander of the EFCC, Ibadan Zonal Command, Halima Mustapha Rufa’u, insisted that family members and friends of politicians and others holding political offices face jail time if their companies or bank accounts are used to launder proceeds from illegal activities.
Chukkol stated in his speech that under the Money Laundering Act of 2022, family members and close supporters of politicians and public office holders, including top civil servants, are now defined as politically exposed persons.
“A key component of this framework is the reactivated Special Control Unit against Money Laundering, SCUML, which is driving the fight against money laundering and illicit financial flows among Designated Non-Financial Businesses and Professions, DNFBPs.” The actions of these entities, which are prone to money laundering, are now subject to stricter regulation.
“On this subject, I would like the media to inform family members and friends of politicians and others in positions of power that they risk going to jail if they allow their companies or bank accounts to be used to launder proceeds from illegal activities.”
“Under the Money Laundering Act, 2022, family members and close allies of politicians and public office holders, including top civil servants, are now classified as politically exposed persons.”