Jumia

Saturday, 18 June 2016

Looters now avoid Banks, store money in abandoned Houses – EFCC

The Economic and Financial Crimes Commission (EFCC) has disclosed that due to the current anti-corruption war, looters have stopped keeping money in banks and have resorted to storing cash in their abandoned properties.


The acting Chairman of the EFCC, Mr. Ibrahim Magu, said this at a workshop titled, the ‘Role of Professionals in the Fight Against Corruption’ in Abuja on Friday.

Magu 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."

He also charged bureau de change operators and financial institutions to desist from being used as conduit pipes to launder money.

According to him, "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 deterrent. Bankers are also involved in corrupt acts, as they don’t carry out due diligence.’"




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