The Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, on Thursday, warned financial institutions to avoid fraudulent election financing, foreign exchange malpractice, and money laundering in the country.
Bawa, according to a statement issued by the EFCC’s Head of Media and Publicity, Wilson Uwujaren, gave the warning during an interactive session held in Lagos with the Managing Directors of banks in the country.
He said: “At the EFCC, we want to place more emphasis on prevention. We want to pay less emphasis on enforcement, which is investigation and prosecution and put our energy more on prevention and asset recovery.
“In addition, some of the issues we have identified include foreign exchange malpractices and fraudulent election financing.”
The EFCC Chairman said the commission would put bankers on their toes as the 2023 elections draw closer.
He stressed that banks and other financial institutions have a key role to play in the Commission’s efforts at riding the country of financial crimes.
He urged the bankers to comply with the Central Bank of Nigeria (CBN)’s guidelines on the issuance of Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) to their customers.
