The Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, has accused some banks of helping corrupt government officials operate secret accounts without Bank Verification Number (BVN).
Magu also lamented the non-compliance with regulations on money laundering and other related offences by some banks and financial institutions.
The EFCC boss said this on Tuesday at a workshop in Lagos titled ‘Money Laundering and Combating the Financing of Terrorism’ organised by the Chartered Institute of Bankers of Nigeria.
Magu, who was represented by the Head of Operations, Lagos Zonal office of the EFCC, Garba Dagum, described money laundering as a threat to developing and developed countries.
He accused banks of not reporting suspicious transactions in line with statutory regulations.
The EFCC boss stated that some bank officials were in the habit of "opening accounts for government officials even after the introduction of the Treasury Single Account, thereby allowing government funds to be diverted.”