The Special Control Unit Against Money Laundering SCUML, Sokoto Zonal Command of the Economic and Financial Crimes Commission, EFCC, carried out a sensitization exercise on the Zamfara Gold Buyers and Sellers Co-operative Union in Gusau, Zamfara State on Saturday, September 23, 2023.
The sensitization exercise, a routine industry assessment initiative, was undertaken to remind gold merchants in the state of their reporting obligations to SCUML, registration processes and punishment applicable for the flouting of rules and regulations as provided by the Money Laundering (Prohibition and Prevention) Act, 2022.
Head, SCUML in the Zone, Assistant Commander of the EFCC, ACE Ahmadu Bello stressed that, “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”.
Bello further told the operators that SCUML was not out to punish them but to sanitise the sector and insulate it from money laundering. He charged them to ensure they register and obtain SCUML certificates (which is free); and render the required reports as at when due.
Members of the Zamfara Gold Buyers and Sellers Cooperative Union, led by their chairman, Usman Muazu Maishanu, assured of his members’ compliance with SCUML’s regulations, ” moreso that registration and filing of reports can be done electronically”.
He urged members who are yet to be registered to do so in order to avoid being on the wrong side of the law.