Emmanuel Ochayi
In a proactive effort to combat money laundering within the gold trade, the Sokoto Zonal Command of the Economic and Financial Crimes Commission (EFCC) has carried out a comprehensive sensitization exercise on the Zamfara Gold Buyers and Sellers Co-operative Union in Gusau, Zamfara State, on September 23, 2023.
This move comes as part of the Special Control Unit Against Money Laundering’s (SCUML) routine industry assessment initiative.
Join our WhatsApp ChannelThe primary objective of the sensitization campaign was to remind gold merchants in the state about their legal obligations to report their activities to SCUML, undergo necessary registration processes, and emphasize the consequences for violating the rules and regulations outlined in the Money Laundering (Prohibition and Prevention) Act, 2022.
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Assistant Commander of the EFCC and Head of SCUML in the Zone, ACE Ahmadu Bello, addressed the gathered gold merchants during the event. He underlined the non-negotiable nature of registration and compliance with SCUML requirements, especially for Designated Non-Financial Businesses and Professions (DNFBPs).
“registration and compliance with requirements of SCUML as provided for in the Money Laundering (Prohibition and Prevention) Act, 2022 is non-negotiable amongst Designated Non-Financial Businesses and Professions, DNFBPs, and SCUML will ensure that those that do not comply are presented before appropriate quarters for infringement”. he said
Bello asserted that SCUML would take stringent action against those who failed to comply with the regulations, ensuring they faced appropriate legal consequences for their infringement.
Bello emphasized that SCUML’s intention was not to punish gold merchants but to cleanse the sector of potential money laundering activities. He urged all participants to complete their registration with SCUML and obtain the necessary certificates, a process that is provided free of charge.
Additionally, he stressed the importance of timely submission of required reports to maintain transparency and accountability within the industry.
Usman Muazu Maishanu, the Chairman of the Zamfara Gold Buyers and Sellers Co-operative Union, spoke on behalf of the members, expressing their commitment to adhering to SCUML’s regulations.
He highlighted the convenience of electronic registration and report filing and encouraged all unregistered members to take immediate action to avoid legal repercussions.
The event demonstrated the commitment of SCUML to foster transparency and integrity within the gold trade industry.
