Sunday, 19 June 2016

How looters are taking desperate measures to hide cash

Due to the ongoing anti-corruption war of the Muhammadu Buhari administration looters have now resorted to desperate measures in order to hide their cash.

The acting chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu says looters have stopped keeping money in banks and have resorted to storing cash in their abandoned properties in order to avoid being caught by the ant-graft agency, the Punch reports.

“People are now scared of keeping monies in banks, as it can be traced easily. Monies are now kept in abandoned houses in the country,” Magu said at a workshop titled, the ‘Role of Professionals in the Fight against Corruption’ in Abuja on Friday, June 17. The EFCC boss also urged bureau de change operators and financial institutions to desist from collaborating with looters to launder money.

 He said: “BDCs move billions of naira in a day and there is no proper documentation of money laundered.  I appeal to the BDCs to stop that, as we will begin to prosecute bureau de change operators to serve as deterrent. Bankers are also involved in corrupt acts, as they don’t carry out due diligence.’’

He charged professional bodies in the country to join hands with the anti-graft agency in the fight against corruption and economic crimes.

According to him, the anti-graft agency would soon be going after accounting firms that collaborate with bankers to steal government funds. Meanwhile, human right lawyer, Femi Falana, has warn President Muhammadu Buhari not to amend the money laundering law. Falana said the attempt would weaken the fight against corruption. Falana said there had been “serious objections” to certain provisions of the proposed bill.

  He said this at a workshop on the Roles of Professionals in the Fight against Corruption, organized by the Presidential Advisory Committee on Anti corruption in Abuja on Thursday.