EFCC Warns DNFIs Against Suspicious Transactions

August 17, 2020
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The Acting Chairman, Economic and Financial Crimes Commission, Mohammed Umar on Monday, August, 17, 2020, warned Designated Non-Financial Institutions, (DNFIs), across the country against un-reported suspicious transactions to appropriate government agencies. According to him, stiff penalties would be meted out to any erring DFNI in this regard.

Umar made the declaration at EFCC Academy, Karu, Abuja, during the opening ceremony of a four-day training on “Asset Tracing and Investigation,” organized by the EFCC for its officers, drawn from its 14 zonal offices.

The training, which is aimed at further equipping the Commission’s officers with skills on how to trace, identify and recover proceeds of economic and financial crimes, runs alongside another course on Microsoft Excel, geared towards aiding investigative officers in building database, and skill acquisition on chart linking on recovered assets.

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Represented by the Academy’s acting commandant, Itam Nnaghe Obono, Umar stated that “If any of the defaulting DNFIs is penalized and used as an example, others will all wake up to complying with the requirement of the law which mandates them to report all transactions within a stipulated threshold.”

DFNIs are statutorily required to file reports of suspicious transactions to the Special Control Unit Against Money Laundering( SCUML), domiciled in the EFCC. Their non-compliance may yield prosecution of any erring institution or individual.



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