COURTESY VISIT TO SELF-REGULATORY ORGANIZATIONS (SROs) AND TRADE ASSOCIATIONS (TAs)

In the spirit of collaboration and cooperation, the Director of SCUML, Mr. Daniel Isei, having the mandate of the new Executive Chairman of the EFCC, paid courtesy visits to the Leadership of the DNFI SROs. The visits were aimed at seeking partnership and synergy in the fight against money laundering, terrorism financing and proliferation financing amongst the DNFIs in Nigeria.

During the visits, the Director also used the opportunity to enlighten and sensitize the leadership of the SROs on the AML/CFT obligations, duties and liabilities of their members and need for collaboration.  

On their part, the Leadership of the SROs pledged their unalloyed supports for SCUML and by extension, the EFCC in its new drive in the fight against Money Laundering and Terrorism Financing. They also reiterated their commitment to ensure that their members comply with the Nigeria AML/CFT laws and supplementary regulations.

The Director, in a company of some of his senior officers visited the SROs at their respective Corporate Headquarters, in Lagos and Abuja. The following SROs and TAs were:

  1. Institute of Chartered Accountants of Nigeria (ICAN)
  2. Chartered Institute of Taxation of Nigeria (CITN)
  3. Association of Professional Bodies of Nigeria (APBN)
  4. Nigeria Institution of Estate Surveyors and Valuers (NIESV)
  5. Association of National Accountants of Nigeria (ANAN)
  6. Real Estate Developers Association of Nigeria (REDAN)
  7. Lagos State Lottery Board
  8. Nigeria Network of NNGo
  9. Spaces for Change
  10. Association of Casinos Operators of Nigeria (ACON)
  11. Jewelry Marketers Association of Nigeria (JEMA)
  12. Precious Metal Gold Processors and Exporters Association of Nigeria (PMGPEAN)
  13. Nigeria Lottery Operators Forum (NLOF)
  14. Association of Motor Dealers of Nigeria

Sensitisation Workshop for SRBs

SCUML organised a 2-day zonal sensitisation workshop for Self Regulatory Bodies (SRBs) in the Designated Non-Financial Business and Profession (DNFBP) Section on Anti-Money Laundering and Countering Financing of Terrorism (AML & CFT). This porgramme was funded by the European Union and held on 30th and 31st January 2019.

ABOUT US

SCUML was established by the Federal Government in September 2005 in compliance with the provisions of the Money Laundering (Prohibition) Act 2004 which was subsequently repealed and amended to Money Laundering (Prohibition) Act 2011(as amended).

SCUML was created as part of measures for the implementation of the Financial Action Task Force (FATF) Recommendations on Anti- Money Laundering /Combating the Financing of Terrorism (AML/CFT) in Nigeria.

The FATF requires Countries to implement 40 Recommendations which are
considered as international standard for combating money laundering and terrorist financing as well as the financing of the proliferation of weapons of mass destruction (WMD).

The recommendations include amongst others the establishment of Legal and Institutional framework for the effective implementation of the AML/CFT measures in all Countries. This led to the enactment of the Money Laundering (Prohibition) Act, 2011 (as amended) and the Terrorism (Prevention) Act, 2011, (as amended) in Nigeria.

SCUML was created under the Money Laundering (Prohibition), Act, 2011 (as amended) to implement specific sections of the Act in line with the FATF recommendations for the implementation of AML/CFT measures within the Designated Non- Financial Institutions (DNFIs) Sector in Nigeria.

SCUML is statutorily under the Federal Ministry of Industry, Trade and Investment but operationally domiciled within the Economic and Financial Crimes Commission (EFCC) as the Commission drives the operational activities of the Unit in line with Sections 6(C) and 7(2) of the EFCC Establishment Act, 2004.

FUNCTIONS OF SCUML

SCUML performs the following key functions to actualise its mandate:

  1. Registration and certification of DNFIs in Nigeria.
  2. Sensitization of DNFIs in Nigeria on their compliance obligations, under the Money Laundering (Prohibition) Act 2011 (as amended) and the implementation guidelines.
  3. Monitoring and supervision of the activities of DNFIs as it relates to AML/CFT.
  4. Conducting off-site, on- site, and spot checks inspection of DNFIs.
  5. Taking necessary enforcement actions to ensure compliance with the AML/CFT Laws and Regulations.
  6. Collection of statutory reports: Cash based transaction reports (CBTRs) and Currency Transaction Reports (CTRs) for onward forwarding to the Nigeria Financial Intelligence Unit (NFIU).
  7. Establishment and maintenance of comprehensive database of DNFIs and their financial transactions to support tactical, operational and strategic analysis as well as policy options in combating ML/FT.
  8. Strategic analysis using available data to identify emerging trends and patterns in money laundering and terrorist financing.
  9. Provision of vital information relating to DNFIs money trails to assist criminal investigations by Law Enforcement Agencies in order to boost the fight against economic and financial crimes within the DNFIs sector in Nigeria.
  10. Collaboration with stakeholders to ensure compliance with AML/CFT measures within the DNFI sector in Nigeria.

MANDATE OF SCUML

SCUML has the mandate to monitor, supervise and regulate the activities of DNFIs in Nigeria in consonance with the Nigeria’s AML/CFT regime. The DNFIs as defined under section 25 of the Money Laundering (Prohibition) Act, 2011 (as amended) are:

  • Dealers in Jewellery
  • Car dealers
  • Dealers in luxury goods
  • Audit firms
  • Tax consultants
  • Clearing and settlement companies
  • Supermarkets
  • Casinos, Pool Betting and lottery businesses
  • Law firms, notaries, and other independent legal practitioners
  • Accountants and Accounting Firms
  • Trust and Company Service Providers
  • Estate Surveyors and Valuers
  • Dealers in precious stones and metals
  • Non-governmental organizations (NGOs, NPOs, FBOs, CSOs)
  • Importers and dealers in cars or any other automobiles
  • Construction companies
  • Consultants and consulting companies
  • Hospitality Industry
  • Real estate agents, Estate developers, Estate Agents and Brokers
  • Mortgage Brokers
  • Dealers in mechanized farming equipments and machineries
  • Practitioners of mechanized farming.