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Bank Officials Assist In Money Laundering Activities – EFCC

The Economic and Financial Crimes Commission (EFCC) has recently shed light on the complicity of certain commercial bank officials in fraudulent activities related to money in Nigeria. In addition, the EFCC has issued a stern warning to commercial banks, urging them to cease their practice of shielding customers suspected of engaging in financial malpractices.

During a meeting with senior compliance staff from Kwara and Kogi states held in Ilorin, Michael Nzekwe, the EFCC Zonal Commander, emphasized the pivotal role that these officials play in the ongoing battle against economic and financial crimes. The purpose of the gathering was to update banks on emerging trends in cybercrime and explore opportunities for further collaboration as stakeholders.

Nzekwe underscored the importance of financial institutions adhering strictly to established banking rules and regulations, while diligently carrying out their responsibilities. He candidly stated, ‚ÄúThere is no major fraud, especially money laundering, that is ever committed without the connivance of bank officials.”

Highlighting the EFCC’s commitment to combating financial crimes, a report by the Commission revealed an impressive total of 3,785 convictions achieved in 2022 alone. This showcases the EFCC’s unwavering determination to bring wrongdoers to justice and ensure the integrity of Nigeria’s financial system.

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