EFCC TASKS ZAMFARA GOLD MERCHANTS ON MONEY LAUNDERING

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By Elutinju Olusayo

The Special Control Unit Against Money Laundering (SCUML), Sokoto Zonal Command of the Economic and Financial Crimes Commission, (EFCC) has conducted a sensitisation exercise on the Zamfara Gold buyers and sellers Co-operative Union in Gusau, Zamfara State, on September 23, 2023.

This initiative aimed to remind gold merchants in the state of their obligations to register with SCUML, follow established reporting procedures, and understand the consequences for violating the rules outlined in the 2022 Money Laundering (Prohibition and Prevention) Act.

The head of SCUML in the zone, Assistant Commander of the EFCC, ACE Ahmadu Bello, emphasized that “registration and compliance with requirements of SCUML as provided for in the Money Laundering (Prohibition and Prevention) Act, 2022, is non-negotiable amongst Designated Non-financial Businesses and professions, DNFBPs, and SCUML will ensure that those that do not comply are presented before appropriate quarters for infringement.

Bello clarified that SCUML’s goal is to cleanse the industry of money laundering rather than punish its participants. He urged gold merchants to register, obtain SCUML certificates (which are free), and submit the required reports on time

Usman Muazu Maishanu, chairman of the Zamfara Gold Buyers and Sellers Cooperative Union, expressed his members’ commitment to complying with SCUML’s regulations, “moreso that registration and filing of reports can be done electronically”.

He urged members that are yet to be registered to do so in order to avoid being on the wrong side of the law.