EFCC has reminded Civil Society Organizations (CSOs) and Non-Governmental Organisations (NGOs) that it is mandatory to report to the Special Control Unit against Money Laundering (SCUML) any transaction through any formal financial channels in excess of $10,000 and any cash donations in excess of $1,000.
The Head of EFCC, Lagos Zonal Office, Ahmed Ghali, who stated this in Ikeja, Lagos at a seminar jointly organized by Economic Community of West African States (ECOWAS) and Inter-Governmental Action Group against Money Laundering in West Africa, (GIABA) warned that “failure to do this is punishable by the law.”
Delivering a paper entitled “The Role of NGOs and CSOs in Countering Terrorism Financing in Nigeria”, Ghali warned that the law would not spare any such group that allows itself to be used as a tool for perpetrating money laundering or terrorism financing in Nigeria.
“The varied funding sources and the ability of NGOs and CSOs to process large amounts of cash to beneficiaries and regularly transmitting funds between jurisdictions make them prone to money laundering and financing of terrorism,” the EFCC official said. According to him, both the CSOs and NGOs have critical roles to play in curbing money laundering and terrorism financing in Nigeria.