Money Laundering Made Possible By Bank Officials – EFCC

Published

2 years ago

May 13, 2023

The Economic and Financial Crimes Commission, EFCC, has accused some commercial bank officials of being complicit in fraud cases in the country.

The EFCC has also warned commercial banks against shielding customers suspected of financial malpractices.

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Michael Nzekwe, EFCC Zonal commander, disclosed this on Friday in Ilorin during a meeting with senior compliance staff from Kwara and Kogi states.

He noted that the officials hold sensitive positions and are critical to the fight against economic and financial crimes.

Nzekwe said the conversation was to educate banks on new trends in cybercrime and seek areas of further collaboration as stakeholders in the battle.

The Zonal Commander advised financial institutions to adhere strictly to bank rules and regulations and diligently discharge their duties.

“There is no major fraud, especially money laundering, that is ever committed without the connivance of bank officials,” he stated.

According to a report by the Commission, it made a total of 3785 convictions in 2022.