NGOs abetting terrorism funding will be sanctioned – EFCC

The Economic and Financial Crimes Commission (EFCC) has cautioned that Non-Governmental Organisations (NGOs) abetting terrorism funding and money laundering would be punished according to the law.

EFCC, in a statement, reiterated that it was compulsory to report to the Special Control Unit against Money Laundering, any transaction via any official financial channels in surplus of $10,000 and any cash donations in surplus of $1,000.

Giving a speech titled, “The Role of Non-Governmental Organisations and Civil Society Organisations in Countering Terrorism Financing in Nigeria,” the Head of the Economic and Financial Crimes Commission, Lagos Zonal Office, Mr Ahmed Ghali, said, “The law will not spare any NGO/CSO that allows itself to be a tool for perpetrating money laundering or terrorism financing in Nigeria.”

Ghali added that civil society organisations had important roles to play in curtailing money laundering and terrorism funding in Nigeria.

He talked at a meeting mutually coordinated by the Economic Community of West African States (ECOWAS), the Inter-Governmental Action Group against Money Laundering in West Africa, AML/CFT Forum, Nigeria and NGOs/ CSOs Consortium in Ikeja, Lagos.

Ghali stated, “The varied funding sources and the ability of NGOs and CSOs to process large amounts of cash to beneficiaries and regularly transmitting funds between jurisdictions make them prone to money laundering and financing of terrorism.”

As indicated by him, “It is mandatory to report to the Special Control Unit against Money Laundering, SCUML, any transaction through any formal financial channels in excess of $10,000 and any cash donations in excess of $1,000.

“Failure to do this is punishable by the law.”