Nigeria: CBN, EFCC partner to prevent known economic criminals from opening bank accounts
London, March 8, 2019 (AltAfrica)– Officials of the Central Bank of Nigeria and their counterparts in the Economic and Financial Crimes Commission met on Thursday, with the aim of strengthening the country’s fight against economic crimes.
A statement from the apex bank said any individual or corporate body found to be involved in economic crime might be barred from opening bank accounts in the country.
The meeting, which took place at the Head Office of the CBN in Abuja, provided an opportunity for the two entities to share experiences and peculiar challenges in the fight against economic related crimes.
The Director, Corporate Communications of the CBN, Isaac Okorafor, said the two organisations adopted strategies aimed at curtailing the unwholesome activities of economic saboteurs which included smuggling of commodities like rice, textile materials, fertiliser, wheat and other items on the prohibition list for accessing foreign exchange through official window, as well as tracking illicit financial flows.
Other areas which the two agencies were collaborating include anti-money laundry and the monitoring of politically exposed persons in the country.
The inter-agency meeting, chaired by the Director, Governors’ Department of the CBN, Mr Jeremiah Abue, also agreed to improve on the level of information-sharing and surveillance of the financial sector.
Recall that the CBN under the auspices of the Bankers’ Committee had said that any individual or corporate body found to be complicit in economic crime or attempts to circumvent economic laws and regulations of the country may be barred from operating a bank account in any bank in Nigeria.