No money laundering without the knowledge of bank officials - EFCC

 

According to the Economic and Financial Crimes Commission (EFCC), some officials of commercial banks in Nigeria are involved in money-related fraud. In a meeting with senior compliance staff from Kwara and Kogi states on Friday in Ilorin, the EFCC Zonal commander, Michael Nzekwe, warned commercial banks to stop protecting customers suspected of financial malpractices.

Nzekwe emphasized that these officials hold sensitive positions and play a critical role in the fight against economic and financial crimes. He added that the meeting aimed to educate banks on new trends in cybercrime and find ways to collaborate as stakeholders in the battle against financial fraud.

The Zonal Commander urged financial institutions to adhere strictly to bank rules and regulations and diligently discharge their duties. He claimed that major fraud, especially money laundering, is rarely committed without the connivance of bank officials.

In 2022, according to a report by the Commission, there were a total of 3785 convictions. The EFCC is working to curb financial fraud in Nigeria and has taken several measures to ensure that bank officials and customers suspected of fraud are prosecuted.