The Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) has warned the Nigerian business community against allowing terrorists and money launders to use their platforms for crimes.
The Director-General of the organisation, Mr Edwin Junior, gave the warning at the opening ceremony of a two-day national sensitisation seminar on Wednesday in Lagos.
The seminar was organised for private sector and business community on Anti-Money Laundering and Terrorist Financing (AML/CFT) awareness.
Junior was represented at the event by Mr Timothy Melaye, the Public Affairs Director of GIABA.
He said that money laundering and terrorism posed considerable threats to global peace and security as well as destabilising political and financial stability of any nation state.
Junior noted that enormous funds were generated by terrorist networks through legal and illegal means besides external resources.
He added that these funds were laundered using existing legal financial framework or unlawful underground networks.
“The terrorist networks cannot be destroyed, or even made ineffective unless converted efforts are made at both national and international levels to efficaciously block their financial sources.
“The promotion of well-regulated financial system and services is central to any effective and comprehensive Anti-Money Laundering and Terrorist Financing,” he said.
Junior said the main purpose of the seminar was to enlighten the business community not to allow terrorists and money launderers to use their platforms to carry out crimes.
He noted that money launderers use available platforms to transfer money gotten through corruption, stealing and drugs.
He said that launderers find all kinds of means to launder the proceeds through car dealers, construction companies, lawyers, insurance company, capital market and bureau de change, amongst others.
“Nobody can trace the original source of the funds, when the launder discovered the coast was clear, they collect their money.
“What we are doing today is to sensitise the business community in Nigeria to let them understand the trend and pattern money launders are using so that their platforms are used to launder crime proceed.
“A terrorist can go to a car dealer and pay for a car, which would be used to kill people.
“The car dealer cannot see himself as a terrorist but his platform has been used.
“If anyone come to do business with you, get the biometrics of your customer, should anything happen,” he advised.
Mr Aminu Gwadabe, the President, Association of Bureaux De Change Operators of Nigeria (ABCON), said his members were constantly being enlightened on the danger of allowing their platforms to be used by criminal.
Gwadabe said the certificate of operation of 75 per cent of ABCON members were revoked in 2023 by the apex bank for not complying with regulations.
He advised them against suspicious transaction, stressing that members must know money laundering and financing terrorism rules.
The News Agency of Nigeria (NAN) reports that small business operators, bureau de change, stock market operators were amongst the participants.
