*Economic and Financial Crimes Commission cautions stakeholders in the automobile business to sensitise their members on the activities of criminals and money launderers, and how they can protect themselves under Nigeria鈥檚 Money Laundering Prohibition Act 2011 (as amended)

Isola Moses | 绿帽献妻

In order to protect their businesses that are vulnerable to money laundering activities, the Economic and Financial Crimes Commission (EFCC) has warned members of the Association of Motor Dealers of Nigeria (AMDON), Oyo State Chapter, against doing business with criminals and money launderers in the country鈥檚 economy.

绿帽献妻 gathered the EFCC, through its Special Control Unit on Money Laundering (SCUMOL), issued the warning to the stakeholders in the automobile retail business at a workshop organised to sensitise the members of the association on the activities of criminals and money launderers, and how motor dealers can protect themselves under the Money Laundering Prohibition Act 2011 (as amended).

Automobiles market in Nigeria

Mr. Daniel Essie, Director of Special Control Unit on Money Laundering of EFCC, represented by Mr. Matthew Eno at the workshop, reportedly stated that the Money Laundering Act is not against the business of motor dealers.

However, Mr. Essie noted that the Act was enacted to protect their businesses because they are vulnerable to money laundering activities.

According to the EFCC Director of Special Control Unit on Money Laundering, a lot of criminals and money launderers have been finding it easy to use the business of motor dealing to perpetuate their criminal activities.

Hence, the law was made for the protection of motor dealers against the evils of money launderers in the country, said he.

Essie also noted that EFCC, through SCUMOL, had decided to partner with AMDON National Executives, thereby making it mandatory for all members of the association to register with SCUMOL, while failure to do so would attract severe penalty.

鈥淭he registration with SCUMOL is compulsory and it is very simple. All you need is your CAC certificate, whether you have registered as a business name or a (limited) liability company.

鈥淵ou must upload the documents with your membership certificate of AMDON. After the registration, a certificate will be issued and it is free,鈥� he said.

On the rationale for formal registration with SCUMOL, Essie also enlightened members of AMDON on why the law requires that they must be registered with the Unit of the anti-graft agency in Nigeria.

The auto business, he explained, is very lucrative and deals with a lot of cash; and that because there are no entry requirements for the business.

Anybody could be a car dealer without any scrutiny from anybody, stated Essie.

Speaking with reporters, Mrs. Toyin Dehindero Benson, Coordinator of SCUMOL, in Oyo State, advised AMDON members to yield to all they have been briefed in the workshop so as to avoid facing the wrath of law in the country.

Mrs. Benson also urged them to make sure that they give hundred percent compliance with the provisions of the law.

She stated: 鈥淲e are doing a sensitisation workshop and talking friendly now expecting a 100 percent compliance, and if there is anything that falls short of that, then, we can start to enforce that law.鈥�

Kindly Share This Story