The Executive Chairman of the Economic and Financial Crimes Commission, Mr. Ola Olukoyede, has emphasized on the importance of compliance with the Money Laundering (Prevention and Prohibition) Act, 2022 during a recent workshop aimed at Designated Non-Financial Businesses and Professionals.
The workshop, themed “Awareness to Action: Mobilizing DNFBPs for Compliance,” took place in Lagos on February 27, 2025, and was organized by the South-West region of the Special Control Unit against Money Laundering.
In his opening remarks, acting Zonal Director ACE I Michael Wetkas highlighted the critical role DNFBPs play in combating economic and financial crimes in Nigeria.
He urged participants to diligently fulfill their responsibilities, noting that their actions could significantly impact the nation’s efforts to curb these issues.
“As professionals in the DNFBP sector of the economy, you are critical stakeholders in the fight against economic and financial crimes. Nigeria belongs to all of us, so you need to play your role diligently without fear or favour, because what you do in your own corner will have a multiplier impact on the country,” he said.
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Commander CE Daniel Isei, the Director of SCUML, discussed the ongoing awareness campaign to help Nigeria exit the Financial Action Task Force Grey List, which it joined in February 2023 due to identified deficiencies in its anti-money laundering and counter-financing of terrorism measures.
Isei explained that, although progress has been made, further efforts, particularly concerning DNFBPs, are necessary to address the low compliance levels and meet FATF requirements.
“As you may be aware, Nigeria was added to the FATF Grey list in February 2023 after a 2021 Mutual Evaluation Report identified critical gaps in our financial crime prevention measures,” he said.
He called on participants to adhere strictly to their obligations under the Nigerian AML/CFT regime, emphasizing the urgency of implementing effective sanctions and enhancing preventive measures.
