Money Laundering: EFCC Fingers Bank Officials

The Economic and Financial Crimes Commission (EFCC) has said some commercial bank officials are complicit in Nigeria’s money-related fraud.
It also warned that commercial banks should stop shielding customers suspected of financial malpractices.
EFCC’s Zonal Commander, Michael Nzekwe,  disclosed this, 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.