The
country’s foremost anti-corruption agency has called for the review of
the Money laundering act, suggesting for more severe punishment for
offenders.
EFCC Chairman, Ibrahim Magu
Economic and Financial Crimes Commission (EFCC) has expressed
displeasure with the seven-year term of imprisonment in the Money
Laundering Act.
According to Chairman of the anti-graft agency, Ibrahim Magu, the punishment should have been more severe.
“The enforcement and compliant with Money Laundering Act is one of the best in Africa. But I’m not very comfortable with the seven-year imprisonment spelt out in the Act. We should have a more severe punishment,” Magu said.
Magu who spoke yesterday at a one-day seminar organised by the Lagos State University (LASU) Faculty of Management Sciences at the university campus with the theme: “Money laundering and its impact in Nigeria” said the commission would not spare professionals, who aided some top civil servants and politicians to loot the nation’s treasury.
He said some bankers, lawyers and accountants behind the stealing of trillions of Naira would be put on trial.
He expressed regrets that corruption is on the increase in the public sector.
He said about 1,578 cases of money laundering and embezzlement were recorded in the public sector between 2012 and 2013.
He said by 2014, diversion of public funds offences made up 60 per cent of public sector corruption and money laundering cases investigated by the commission.
He said: “Over the last one year, investigation and prosecution activities have been stepped up by the commission. We have trained our spotlight on a number of high profile corrupt public servants and politicians.
“In 2012, the Commission investigated 700 public sector corruption and money laundering cases representing 25.91% of the total cases investigated by the commission in that year.
“The year 2013 witnessed a sharp increase with abuse of office, embezzlement/ extortion and money laundering topping the list.
“Fraud, economic sabotage, abuse of office and tax evasion have remained constantly on the increase.
“Altogether, a total of 878 public sector corruption and money laundering cases were investigated by the commission in 2013, representing 21.66 per cent of all cases investigated in the same period.
“In 2014, diversion of public funds offences made up 60 per cent of public sector corruption and money laundering cases investigated by the commission. Taking all these statistics into consideration, the commission has intensified its monitoring of trade-based money laundering.
“In 2013, alone the Special Control Unit Against Money Laundering (SCUML) registered 16,447 Designated Non-Financial Institutions (DNFIS), a tremendous increase from the 1,042 registered in 2012.
“The effect has been to open a new front in the war against money laundering activities in the country.”
“The enforcement and compliant with Money Laundering Act is one of the best in Africa. But I’m not very comfortable with the seven-year imprisonment spelt out in the Act. We should have a more severe punishment,” Magu said.
Magu who spoke yesterday at a one-day seminar organised by the Lagos State University (LASU) Faculty of Management Sciences at the university campus with the theme: “Money laundering and its impact in Nigeria” said the commission would not spare professionals, who aided some top civil servants and politicians to loot the nation’s treasury.
He said some bankers, lawyers and accountants behind the stealing of trillions of Naira would be put on trial.
He expressed regrets that corruption is on the increase in the public sector.
He said about 1,578 cases of money laundering and embezzlement were recorded in the public sector between 2012 and 2013.
He said by 2014, diversion of public funds offences made up 60 per cent of public sector corruption and money laundering cases investigated by the commission.
He said: “Over the last one year, investigation and prosecution activities have been stepped up by the commission. We have trained our spotlight on a number of high profile corrupt public servants and politicians.
“In 2012, the Commission investigated 700 public sector corruption and money laundering cases representing 25.91% of the total cases investigated by the commission in that year.
“The year 2013 witnessed a sharp increase with abuse of office, embezzlement/ extortion and money laundering topping the list.
“Fraud, economic sabotage, abuse of office and tax evasion have remained constantly on the increase.
“Altogether, a total of 878 public sector corruption and money laundering cases were investigated by the commission in 2013, representing 21.66 per cent of all cases investigated in the same period.
“In 2014, diversion of public funds offences made up 60 per cent of public sector corruption and money laundering cases investigated by the commission. Taking all these statistics into consideration, the commission has intensified its monitoring of trade-based money laundering.
“In 2013, alone the Special Control Unit Against Money Laundering (SCUML) registered 16,447 Designated Non-Financial Institutions (DNFIS), a tremendous increase from the 1,042 registered in 2012.
“The effect has been to open a new front in the war against money laundering activities in the country.”
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