Post Views: 223 The Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC), on Thursday announced a partnership that wi...
The Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC), on Thursday announced a partnership that will strengthen the country’s fight against economic crimes.
In a statement issued at the end of a meeting on Thursday, March 7, 2019, at its Abuja Head Office, the CBN said the session provided both entities an opportunity to share experiences and peculiar challenges in the fight against economic related crimes.
At the inter-agency meeting, chaired by the Director, Governors’ Department of the CBN, Jeremiah Abue, participants adopted strategies expected to help curtail unwholesome activities of economic saboteurs, including smuggling of commodities like rice, textile materials, fertilizer, wheat and other items. These are among the list of 42 commodities for which foreign exchange cannot be procured through official window.
They also agreed to collaborate in the war against illicit financial flows, in addition to anti-money laundry and the monitoring of politically exposed persons across the country.
Both agencies also agreed to improve the level of information-sharing and surveillance of the financial sector.
The CBN, under the auspices of the Bankers’ Committee, had earlier warned that individuals or corporate bodies found to complicit in economic crime or attempts to circumvent Nigeria’s economic laws and regulations may be barred from operating a bank account in the country.