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Looters no longer keep money in banks – EFCC boss

by on June 18, 2016
 

Chairman of the Economic and Financial Crimes Commission, EFCC, Ibrahim Magu, on Friday revealed that due to the current anti-corruption crusade, looters no longer save money in banks but in their abandoned property.

Speaking at a workshop titled, the “Role of Professionals in the Fight Against Corruption” in Abuja, the EFCC boss also warned Bureau de Change operators and financial institutions against being used as an avenue to launder money.

Magu solicited for support of professional bodies in the country in the fight against corruption.

He said, “People are now scared of keeping monies in banks, as it can be traced easily. Monies are now kept in abandoned houses in the country.

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“BDCs move billions of naira in a day and there is no proper documentation of money laundered. I appeal to the BDCs to stop that, as we will begin to prosecute bureau de change operators to serve as a deterrent. Bankers are also involved in corrupt acts, as they don’t carry out due diligence.

“Instead of conniving with people to launder the proceeds of corruption, I beg you to join hands with the EFCC to fight corruption.

“Many professionals celebrate criminality by doing a lot to foster corruption, which adds more to money laundering. I don’t intend to criticise the work of professionals, but to solicit their support in order to make Nigeria better for the younger generation.’’

He also disclosed that the agency will soon probe accounting firms that collaborate with bankers to loot public funds.

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