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EFCC Charges Banks On Enhanced Collaboration

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The Economic and Financial Crimes Commission (EFCC), has called on financial institutions in the country to strengthen their collaboration with the Commission towards ridding the country of corruption, economic and financial crimes.


The call was made on Tuesday, August 18, 2020, in Uyo,  Akwa Ibom State , by the Uyo zonal head of the EFCC,  Mr. Akpa Uchenna Edeh while holding a meeting with bank compliance officers.


According to him, it is important to  remind banks of their critical roles  as major stakeholders in the fight against corruption. “Knowing that the fight against corruption is everybody’s business, the Commission has recognized the fact that banks are partners in this fight”, he said.


Edeh noted that the end benefit of every economic or financial crime was monetary and called on banks to brace up for more active roles in the fight against corruption.  He disclosed  that the EFCC still encounters difficulties and delays from the banks in the areas of response to its letters; post-no-debit order; reporting of suspicious transactions on accounts; shifting of responsibilities and on failure to comply with the ‘Know Your Customer directive.


“It is important to note that we do not write letters because we just want to. We work in accordance with the speed at which  fraudster may move out funds, and we desire that we receive response from banks with same speed”, he said.


He cautioned account officers against developing affection for their customers, to the extent of alerting  them that they are under investigation by the EFCC or that their accounts  have been flagged.  “In as much as you have to protect the bank, don’t do so at the detriment of the nation. Do not protect the bank and destroy the nation,” he said.


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