EFCC raids two companies in Adamawa for money laundering offences

IN its determined efforts to ensure compliance with laid down financial regulations, the Special Control Unit Against Money Laundering (SCUAML) of the Economic and Financial Crimes Commission (EFCC) in Gombe Zonal office, has raided HAMABB MOTORS NIG. LTD along Atiku Abubakar road as well as Halal Synergy Limited along Galadima Aminu Way all in Jimeta-Yola in Adamawa state for non-compliance with the provisions of the Money Laundering (Prohibition) Act, 2011 (as amended).

The two companies were said to have also failed to adhere to the regulations of Designated Non Financial Institution (Regulatory Manual) 2013 that regulates the activities of DNFIS as contained in a statement by the Spokesman of the EFCC, Gombe Zonal Office, Bello Bajoga, which copies were made available to Journalists on Thursday stating that during the raid, the owners of the companies, Alhaji Abba Galadima and Alhaji Mansur Abdurahman, were arrested.

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According to the statement, several efforts made by the SCUAML officers from the Zonal office by serving the companies with letters of notification for registration in June 2016 as well as inspection and sensitization in July and November 2017 respectively to register proved abortive.

The statement further contains that another observation letter was equally served to the companies sometimes in 2017 to comply with the law but also yielded no results pointing out that, “The Companies actions violated the provisions of Section 3; Section 5 (a) & (b), Section 9 and 10 of Money Laundering ( prohibition) Act, 2011 (as amended), as clearly stated in the observation letters issued to them.”

The EFCC concluded that “Their non-compliance resulted to non-registration with SCUAML, non-reporting transactions and accepting cash payment exceeding the threshold provided by law.”