Nigeria – The Head of the Economic and Financial Crimes Commission, EFCC, Lagos Zonal Office, Ahmed Ghali, has said that Non-Governmental Organisations, NGOs and Civil Society Organisations, CSOs, have critical roles to play, in curbing money laundering and terrorism financing in Nigeria.
He stated this on April 26, 2021 at a seminar jointly organised by ECOWAS, the Inter-Governmental Action Group against Money Laundering in West Africa, GIABA, AML/CFT Forum, Nigeria and NGOs/ CSOs Consortium in Ikeja, Lagos.
Delivering a paper entitled, “The Role of Non-Governmental Organisations and Civil Society Organisations in 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.
“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, 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.
“Failure to do this is punishable by the law,” he said.