Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ibrahim Magu, has described Designated Non-Financial Institutions (DNFIs) as safe havens for money-laundering activities.
According to Vanguard, the commission’s spokesman, Mr. Tony Orilade, in a statement in Abuja on Friday, reported Magu as stating this at a workshop organized to sensitize Non-Profit Organisations, NPOs.
The report said the workshop, which was organized by the EFCC in collaboration with Space for Change, had “Effective Implementation and Regulations of AML/CFT within the NPO Sector” as its theme.
Magu who was represented by Director, Special Control against Money Laundering Unit of the commission, Mr. Francis Usani said criminals have now turned their focus on the DNFIs sector to perpetrate money-laundering and terrorism financing.
“Money-laundering and terrorism-financing will continue to thrive, especially with criminals continuously discovering new methods of exploiting the vulnerability of DFNIs and the legal systems.
“The DNFIs have been identified as the most vulnerable sector in money-laundering and terrorism-financing because criminals no longer use the conventional financial systems like banks, to launder their ill-gotten wealth,” he added.
