Home Business The evil that banks do –Magu

The evil that banks do –Magu

Spate of digital currency crimes worrisome -Magu

The Economic and Financial Crimes Commission, EFCC, has accused some of the banks in the country of money laundering and aiding the sponsorship of terrorism.

The Acting Chairman of EFCC, Ibrahim Magu, made this allegation on Friday in Port Harcourt, Rivers State, during a meeting with officers of banks in the South-South zone of the country.

Magu however declared that steps were already being taken to stop the ugly trend, just as he called on necessary organs to support the battle.

Said Magu:  “You cannot fight corruption in isolation; that is why we are having this meeting today with compliance officers of banks. We have to join hands, including the journalists, to succeed in this fight.

“A lot of laundering activities today are going on in the bank. This is because of what a lot of them do with Bureau De Change agents. We have discovered that many of these operators of Bureau De Change are foreign nationals.

“Banks give them chance and they launder our money and they finance terrorism. Banks also help politically exposed persons to steal funds. They give life to internet fraudsters through Money Gram and Western Union.

“Unfortunately, we now have fraudsters working inside the banks. They subject people’s account into intimidation and extortion. We want to put our machinery to deal with such bankers.”

Magu who spoke on the achievements of the EFCC, said it would not relent in its battle against corruption in the country.

According to him, former governors and other politicians found to be guilty of corrupt practices would be prosecuted.

He added that from January 1 till date, the EFCC had secured 194 convictions.

“All our cases were at the High Courts. We have to follow the rigours of High Court. Most of the cases did not start this year but we concluded them this year,” he said.



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