The Economic and Financial Crimes Commission, EFCC has cautioned financial institutions against fraudulent election financing, foreign exchange malpractice and money laundering.
EFCC Chairman Abdulrasheed Bawa gave the warning during an interactive session with managing directors of banks in Nigeria at the Lagos Zonal Command of the commission.
The agency’s Head of Media, and Publicity of Wilson Uwujiaren in a statement, said Bawa noted that it was important to bring the financial institutions in the country up to speed with the evolving policies in the Commission, in line with the United Nations’ categorisation of the fight against corruption prevention, enforcement and assets recovery.
The EFCC Boss said it had become necessary to put bankers on their toes, particularly as the 2023 general elections approached.
He however, stressed that the “new EFCC” under his leadership believes that the financial institutions have an important role to play in the Commission’s efforts to rid Nigeria of economic and financial crimes. He charged the bankers to comply with the guidelines of the Central Bank of Nigeria, BN on the issuance of Personal Travel Allowance, PTA, and Business Travel Allowance, BTA, to their customers
