Nigerian anti-graft agency urges casino operators to comply with money laundering laws

The Economic and Financial Crimes Commission (EFCC) has called on operators in the casino and gaming sectors to strictly adhere to Anti-Money Laundering and Counter Terrorism Financing (AML/CFT) laws in their operations. This call was made during a workshop titled "Promoting Implementation of Customer Due Diligence and Targeted Financial Sanctions (TFS) Requirements in Casinos and Gaming Sector" held in Lagos on Thursday, June 13, 2024.

Michael T. Wetkas, the acting Lagos Zonal Director of the EFCC, who declared the workshop open, acknowledged the significant contributions of the casino and gaming sectors to the nation's economic growth. However, he urged operators to ensure their operations align with the provisions of the law. Wetkas, represented by Richard Adejumo, Head of the Foreign Exchange Malpractices Section, EFCC Lagos Zonal Command, emphasized the commission's goal to support Nigeria's efforts to exit the Financial Action Task Force (FATF) list.

A key area of focus highlighted by Wetkas was enhancing Know Your Customer (KYC) practices, which will help prevent Politically Exposed Persons (PEPs) from using these platforms for money laundering and embezzlement. Pascal Samu, acting Deputy Director of the Special Control Unit against Money Laundering (SCUML), EFCC Headquarters, stressed the importance of adopting measures such as customer due diligence, detection and filing of suspicious transaction reports, implementation of targeted financial sanctions, and beneficial ownership verification.

Samu emphasized that these measures will strengthen compliance and build a common formidable response against terrorist financiers and other criminal elements seeking to abuse the sector. He also stated that the workshop aimed to build individual operators' capacity and enable cross-fertilization of ideas and experience-sharing across the industry.

The EFCC's efforts to combat money laundering and terrorism financing through workshops and capacity-building initiatives demonstrate its commitment to ensuring a safe and secure financial system in Nigeria.