Special Control Unit Against Money Laundering (SCUML) of the Economic and Financial Crimes Commission (EFCC) on Tuesday sealed off Tongyi Group, located on Ebitu Ukiwe Street, Jabi, Abuja for alleged non-compliance with Anti-Money Laundering/Combating Financing of Terrorism (AML/CFT) regulations.
Officers of SCUML shut down the construction and mining entity after it paid no heed to a series of the Unit’s attempts to comply with the AML/CFT regime.
By SCUML’s regulations, the seal of non-compliance and closure pasted on the business premises would remain in force until the company fully complies with Nigeria’s anti-money laundering and terrorism financing laws. By shutting down the company, SCUML warned public members to be wary of carrying out business transactions with it.
Tongyi Group allegedly violated Nigeria’s Money Laundering Protection and Prohibition Act 2022 as well as the Terrorism Protection and Prohibition Act 2022 all of which are under the AML/CFT regime by refusing to sign SCUML’s checklist and to send statutory reports to the Unit, which form parts of measures SCUML put in place to mitigate money laundering and terrorist financing activities in the country.
SCUML, a Unit of the EFCC monitors, supervises, regulates and assesses the activities of Designated Non-Financial Businesses and Professions (DNFBPs) and Non-Profit Organisations (NPOs), which are vulnerable to money laundering and terrorist financing.
