Alleged Conversion Of Banks To Laundering Fronts Saddening – Magu

Acting chairman of the Economic and Financial Crimes Commission, EFCC, Ibrahim Magu, has described the alleged conversion of banks into money-laundering institutions in the nation as disturbing.

While speaking in Port Harcourt, the capital of Rivers State during a meeting with Compliance Officers of Banks in the South-South Zone on Friday, Magu said the commission is beaming its searchlight o banks to curb the practice. The EFCC boss lamented that some bankers gave cover for fraudsters, corrupt politicians and foreign nationals to operate.

Even more disturbing, according to him, is the fact that the EFCC realised the sponsorship of terrorism by some foreign nationals is being done through certain banks.

“You cannot fight corruption in isolation, that is why we are having this meeting today with Compliance officers of banks. We have to join hands including the journalists to succeed in this fight.

“A lot of laundering activities today are going on in the bank. This is because a lot of them connive with Bureau De Change agents. We have discovered that many of these operators of Bureau De Change are foreign nationals. Banks give them chance and they launder our money and they finance terrorism. Banks also help politically exposed persons to steal funds. They give life to internet fraudsters through Money Gram and Western Union.

“Unfortunately, we now have fraudsters working inside the banks. They subject people’s account into intimidation and extortion. We want to put our mercenary to deal with such bankers,” Magu said.

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