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Money laundering, terrorist financing pose threat to economy, security — ABCON boss

By Peter Egwuatu

The President of Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, has said that money laundering and terrorist financing pose serious threat to the economy and security of the country.

Speaking to financial journalists ahead of the Financial Action Task Force (FATF) visit to Nigeria, ABCON President, stated:  “BDCs are getting ready to receive the FATF team. ABCON, in collaboration with the Central Bank of Nigeria (CBN) is organizing a sensitization workshop for over 4,500 licensed BDCs in the country.”

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He said the workshop, which will hold in the six geopolitical zones across the country, will take off in the next one week.

He added that the BDCs will be trained on the obligation of registering and filling reports on the NFIU goAML -Anti-Money Laundering portal.

Gwadabe said the anti-money laundering training is intended to familiarize BDC operators with the process of money laundering, the criminal business used to disguise the true origin and ownership of illegal cash and the laws that make it a crime.

Gwadabe said that the training was also meant to help BDCs maintain minimum standard of record keeping and increasing level of investors’ confidence for the economy.

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