Non-compliance with money laundering Act lands 5 in EFCC net

The Economic and Financial Crimes Commission (EFCC), on Monday, arrested the Managing Director of Zenith Properties Limited, Maitama Abuja, Mr Ifobiya Oloruntoba Seyi and the Credit Controller of Exclusive Stores, Wuse 2, Abuja, Mr Obinna Ararume and three others over non-compliance with the Money Laundering Act.
A statement issued by the commission and signed by its head of publicity, Wilson Uwujaren, stated that the arrest was made  by the Special Control Unit Against Money Laundering, (SCUML) as  part of  ongoing efforts to enforce compliance with anti-money laundering laws by Designated Non- Financial Institutions (DNFIs).
Three others arrested during the special operation were Mr Anita Udoh, one of the managers of Exclusive Stores; Mathew Omale and Babayaro Alhaji Bako, both security men at Exclusive Stores, who allegedly obstructed operatives of the commission from carrying out their duties.
Section 5 of the Money Laundering Act 2011 required existing DNFIs to submit to the Ministry of Commerce, within three months from the commencement of the Act, a declaration of their activities and all records of transactions in chronological order, indicating each customer’s surnames, forenames and addresses.
Also, Section 5 (2) further stated that: “The ministry shall forward the information received pursuant to sub-section 1 of the section to the commission within seven days of its receipt.
The DFNIs included dealers in jewellry, cars, supermarkets and luxury goods, chartered accountants, audit firms, tax consultants, clearing and settlement companies, legal practitioners, hotels, casinos, or such other businesses as the Federal Ministry of Commerce or appropriate regulatory authorities might from time to time designate.
It will be recalled that the commission had on October 9 allegedly  arrested four persons over non- compliance with money laundering law.
They were the Managing Director of NICON Properties Limited, Wuse Abuja, Mr Yahaya Atai Odoma; the accountant of the company, Mr Rufai S. Bidu;  Mr Obee Williams Abu and Mr. Enger Peter of Hotel de Lamitel, Kado Kuchi district, Abuja.
Similarly the EFCC had, on October 4, arrested officials of seven companies for non-compliance. The companies allegedly included Pent House Properties; Jorany Hotels, Wuse 2 Abuja; Febsons Hotels Nigeria Limited, Wuse Zone 4, Abuja; Nawa Properties, AMAC Plaza, Wuse Zone 3, Abuja; Grand Product Company Limited, (Grand Square); Abmed hotels Limited and Lamonde Hotels.