Ahmed Ghali, head of Lagos office of the Economic and Financial Crimes Commission has warned that Non-Governmental Organisations aiding terrorism financing and money laundering would face the full wrath of the law.
In a statement by the anti-graft agency, Ghali restated that it was mandatory to report to the Special Control Unit against Money Laundering, any transaction through any formal financial channels in excess of $10,000 and any cash donations in excess of $1,000.
Delivering a paper entitled, “The Role of Non-Governmental Organisations and Civil Society Organisations in Countering Terrorism Financing in Nigeria,” Ahmed Ghali, said, “The law will not spare any NGO/CSO that allows itself to be a tool for perpetrating money laundering or terrorism financing in Nigeria.”
He said civil society organisations had critical roles to play in curbing money laundering and terrorism financing in Nigeria.
He spoke at a seminar jointly organised by the Economic Community of West African States, the Inter-Governmental Action Group against Money Laundering in West Africa, AML/CFT Forum, Nigeria and NGOs/ CSOs Consortium in Ikeja, Lagos.
“The varied funding sources and the ability of NGOs and CSOs to process large amounts of cash to beneficiaries and regularly transmitting funds between jurisdictions make them prone to money laundering and financing of terrorism,” he said.
According to him, “It is mandatory to report to the Special Control Unit against Money Laundering, SCUML, any transaction through any formal financial channels in excess of $10,000 and any cash donations in excess of $1,000.