- issuance of new ones begins soon
Money Laundering Act 2022 has invalidated the old Special Control Unit Against Money Laundering (SCUML) Certificates issued by the Economic and Financial Crimes Commission (EFCC).
EFCC Spokesperson, Wilson Uwujaren, in a statement said the fresh law altered existing regulatory framework, and renders all certificates not reflecting SCUML’s new status as an agency domiciled in the EFCC invalid.
Uwujaren said the issuance of SCUML Certificate to businesses was suspended for administrative reasons to bring the Agency to fill compliance with its statutory responsibility. He assured that issuance shall soon commence.
“The Special Control Unit Against Money Laundering, SCUML is aware of the difficulties currently being experienced by successful applicants for the SCUML Certificate. This development was caused by the suspension of the issuance of certificates to successful applicants by the SCUML.
“The move is an administrative measure designed to bring the agency to full compliance with its statutory responsibilities and obligations under the new Money laundering Act, 2022.
“The law fundamentally altered the existing regulatory framework and substantially invalidates the certificates issued by SCUML, which did not reflect its new status as an agency fully domiciled in the Economic and Financial Crimes Commission.
“It therefore became imperative to suspend the issuance of the old certificates until a new one that takes into account the new regulatory environment is printed. Being a security document, there are processes involved in printing the new document.
“However, SCUML is delighted to announce that the procurement process for the production of the new certificates have been concluded and, a very soon, successful applicants will begin to receive notification to collect their certificates as machinery have been set in motion to ensure that the backlog is cleared with dispatch,” he said.
SCUML empathised with applicants for the difficulties of the past few days to secure the certificate while assuring that all arrangements have been made to ensure that the process is returned to the established order of prompt and excellent service delivery.
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