EFCC allays fears on digitaL payment system
By Njadvara MUSA, Maiduguri
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Abudulrasheed, Bawa has said that the 2022 Money Laundering (Prohibition) Act prohibits individual and corporate bodies, except in a transaction through a financial institution from making or accepting cash payments.
According to him, the making and acceptance of cash payments should not exceed N5 million and N10 million for individuals and corporate bodies respectively.
Bawa disclosed this yesterday, (Thursday), in Maiduguri, Borno state, during an EFCC workshop for journalists on crimes reporting in the Northeast.
Represented by Chris Mshelia, he warned that a person shall not conduct two or more transactions separately with one or more financial institutions or designated non-financial businesses and professions.
He explained that the 2022 Act, is an innovative legislation that does not leave the responsibility of preventing and fighting money laundering in the hands of constituted authorities alone.
Continued; “Obligating individuals and corporate organizations are to follow certain guidelines and observe certain procedures before consummating transactions,” warning that such proceeds may become the subject of any of the money laundering offences.
He said that this will not only deter the perpetrators of money laundering, but curb it to the barest level in the country.
Speaking on the implementation of the Act, he said: “It will shield individuals and corporate bodies from being victims of money laundering,” adding that it includes being aiders and abettors of money laundering.
Obiageli Okechukwu, in paper titled: “Digital Payment System: Emerging Opportunities for fraud and Prevention tips for Victims,” heighted the advantages and disadvantages of online payments.
She warned that the people should careful of hackers and fraudsters.