The Chairman of the Economic and Financial Crimes Commission (EFCC),
Ibrahim Magu, said looters of public treasury have stopped keeping their
loot in the banks and devised a new strategy of stashing cash in abandoned
buildings to evade detection.
He also accused Bureau de Change operators of moving billions of naira
daily without documentation as a ploy to sustain money laundering
activities.
Magu, who spoke in Abuja, said looters have stopped keeping money in the
bank in order to evade detection noting that the agency was determined to
curb the trend.
“People are now scared of keeping monies in banks, as it can be traced
easily. Monies are now kept in abandoned houses in the country,” he said.
“BDCs move billions of naira in a day and there is no proper documentation
of money laundered. I appeal to the BDCs to stop that, as we will begin to
prosecute bureau de change operators to serve as deterrent. Bankers are
also involved in corrupt acts, as they don’t carry out due diligence,’’ he
stated.
He warned bureau de change operators and financial institutions to desist
from being used as conduit pipes to launder money or face the consequences
of their actions.