Federal Ministry of Commerce and Industry
|
(SCUML) |
|
| »::
Home :|:
Contact :|:
FAQ :|:
Newsletter :|:
Downloads:|:
Mail
:« |
||
|
NEWSPAPERS |
Mission Statement"To serve as a structure for the curtailment of Money Laundering and Terrorist Financing in the DNFI sector, providing world class intelligence as regards AML/CFT issues to relevant stakeholders, and the sanitization of the DNFI sector to create an enabling environment for the inflow of foreign direct investment."Vision Statement"To be a world-class regulatory Unit - one that becomes a benchmark in the supervision, monitoring and regulation of Designated Non Financial Institutions (DNFIs) as regards compliance with Nigeria's Anti Money Laundering and Combating the Financing of Terrorism AML/CFT regime." |
|
About Us
The Special Control Unit Against Money Laundering (SCUML) was established by the Federal Executive Council of Nigeria [Decision No. 286 EC (2005)] in September 2005, as a special unit of the Federal Ministry of Commerce and Industry (FMC&I) as spelt out in the Money Laundering Prohibition Act, (MPLA) of 2004. Consequently, SCUML has the mandate to monitor, supervise and regulate the activities of all Designated Non Financial Institutions (DNFIs) in Nigeria in consonance with the Country's Anti Money Laundering and Combating of the Financing of Terrorism (AML/CFT) regime.
The regulation of DNFIs in Nigeria is very challenging, since the sector is largely informal and transactions are mainly cash-based. This makes the sector more vulnerable to money laundering and financing of terrorism (ML/FT), thereby calling for a concerted effort to scrutinize the sector in the attendant challenges. this underscores the need for infrastructure and human capital development within SCUML in order to prepare the Unit for the tasks at hand. Zonal Offices of SCUML are located at Port Harcourt, Lagos and Kano.