EFCC to banks, bureau de change: Report huge cash transactions during elections

The Economic and Financial Crimes Commission (EFCC)   has called on bankers and Bureau de Change operators in Benue State to report any suspicious transaction of large volume of money during this election period.

The anti agency’s graft Zonal Head in Makurdi Zonal Office, Johnson Babalola gave the charge on Friday, during a meeting with bankers and Bureau de Change operators in his office.

Babalola said that the Commission got an intelligence report that politicians were moving a large volume of money to buy votes.

He noted that the commission was committed to getting the democratic system to work by ensuring that no bank or Bureau de Change agent compromised.

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According to him, a team from the commission’s headquarters in Abuja was on ground to monitor bank transactions as well as other financial transactions, including those buying dollars.

The zonal head also warned the Bureau de Change operators of the fake dollars, he said were in circulation.

“For now, don’t accept huge sums of cash from anyone during this election period. Money Laundering Act must be followed if we want the democratic process to succeed. We got reports that politicians are moving money around in large volumes.

“That is why we held a meeting with dureau de change operators and bankers, stating clearly the consequences of not obeying the law. If anyone is moving large sums of money with the aim of aiding and abetting vote buying, we will go after him.

“Development in any nation rests upon solid democratic foundation. There can be no development without peace and there can be no peace if the democratic system is compromised. We cannot be developed when the country is experiencing unrest. We are poised in EFCC to see to it that the nation’s democracy succeeds.”

“We have told bankers the evils of compromising the system in connivance with politicians. The limits of transaction according to money laundering act is that as an individual, you cannot withdraw more than N5 million and N10million for a corporate organisation in a day.

 

“Anyone who works in contravention to the rule would face the penalty. What we did was just to remind them that the laws still stands and we will make sure the laws, rules and procedures are followed to the latter,” Babalola stated.