Fraudsters Now Work In Banks, Helping Corrupt Politicians Launder Money – EFCC

The Chairman of Economic and Financial Crimes Commission (EFCC), Ibrahim Magu has alleged that some fraudsters are currently working in some of the banks, aiding politicians to launder money in the country.

While speaking during a meeting with compliance officers of different banks in Port Harcourt on Friday, Ibrahim Magu lamented that fraudsters are helping politicians commit various financial crimes.

The EFCC boss said some bankers give cover to fraudsters, corrupt politicians and foreign nationals to operate, adding that recent discovery by the Commission showed that some foreign nationals sponsor terrorism through banks in the country. He said:

“You cannot fight corruption in isolation; that is why we are having this meeting today with compliance officers of banks. We have to join hands, including the journalists, to succeed in this fight.

“A lot of laundering activities today are going on in the bank. This is because of what a lot of them do with Bureau De Change agents. We have discovered that many of these operators of Bureau De Change are foreign nationals.

“Banks give them chance and they launder our money and they finance terrorism. Banks also help politically exposed persons to steal funds. They give life to internet fraudsters through Money Gram and Western Union.

“Unfortunately, we now have fraudsters working inside the banks. They subject people’s account into intimidation and extortion. We want to put our machinery to deal with such bankers.”

“They  throw confidentiality to the wind and subject people’s accounts to a lot of intimidation and extortion. We want to put in our machinery to deal with such fraudulent activities of the bankers and some law enforcement agencies.

“There are bad eggs among us, even in the EFCC, there seems to be readily available partnership with some fraudulent elements within the bank to perpetrate certain fraudulent activities and money laundering. I think this is basically the reason we called this meeting.

“Journalists are supposed to be corruption fighters and hunters just like the compliance officers; they are also corruption fighters and we must all work together to make the fight against corruption in Nigeria work.”

“Money is being laundered and money is being used to fund terrorism in the country.  There are more terrorist activities in this country. So, it is a good business for them.”

He also disclosed that the Commission has within the first quarter of 2019 secured 194 convictions, stressing that it was committed to ending corruption in the nation.