EFCC Accuses 10 Banks of Money Laundering

EFCC Accuses 10 Banks of Money Laundering

Ibrahim Magu, the acting Chairman of the Economic and Financial Crimes Commission (EFCC), has accused 10 unnamed commercial banks of money laundering.

Magu stated this on Friday, while speaking at a round table meeting with managing directors of financial institutions in Nigeria.

The EFCC boss spoke on the theme: “Roles ANd Obligations of Managing administrators of Banks in African nation in curb Vote shopping for throughout an Election, Illicit monetary Flows and different connected Matters in Nigeria”.

He said: “It is worrisome to notice that in 2018, statistics available to the EFCC shows that out of about 28 commercial banks in Nigeria, 10 banks evacuated out of Nigeria through Travelex {nigeria|Nigeria|Federal Republic of African nation|African country|African nation} restricted the sums of GBP- fifty,832,560; USD-8,057,756; EURO-39,986,560 and RAND-7,500,000. The reasons for these evacuations are still sketchy. We should note that the impact of illicit monetary flows from the country undermine the soundness and integrity of the monetary establishments.”