EFCC To CSOs, NGOs: Report All Transactions In Excess Of $10,000 To SCUML Or Face The Law

By Matthew Ogune, Abuja

The Economic and Financial Crimes Commission, (EFCC) has told Civil Society Organisations (CSOs) and Non Governmental Organisations (NGOs) that it is mandatory to report to the Special Control Unit against Money Laundering, (SCUML) any transaction through any formal financial channels in excess of $10,000 and any cash donations in excess of $1,000.

The Head of EFCC Lagos Zonal Office, Ahmed Ghali who stated this yesterday at a seminar jointly organised by ECOWAS and the Inter-Governmental Action Group against Money Laundering in West Africa, (GIABA) warned that “Failure to do this is punishable by the law.”

Delivering a paper entitled, “The Role of NGOs and CSOs im Countering Terrorism Financing in Nigeria”, Ghali stressed the law will not spare any NGO/CSO that allows itself to be a tool for perpetrating money laundering or terrorism financing in Nigeria.

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“The varied funding sources and the ability of NGOs and CSOs to process large amounts of cash to beneficiaries and regularly transmitting funds between jurisdictions make them prone to money laundering and financing of terrorism,” he said

According to him, both the CSOs and NGOs have critical roles to play, in curbing money laundering and terrorism financing in Nigeria.