The chairman of the Economic and Financial Crimes Commission EFCC hints brokers and other financial institutions on asset declaration deadline. This statement was made public today by the EFCC chairman Abdulrashed Bawa after a brief with the Chief of Armed Forces, President Muhammad Buhari. Bawa expresses his concerns and the effort of the EFCC to curb cybercrime and other laundering skills in the community. He added that all financial institution staff must upload their asset declaration forms to the official EFCC database for proper financial monitoring.
According to Abdulrasheed Bawa via EFCC Official Facebook Page
The Economic and Financial Crimes Commission, EFCC, has said that it expects all operators in the Nigerian financial system especially bankers to declare their assets latest June 1, 2021. The Commission’s Executive Chairman, Abdulrashed Bawa, dropped this hint today March 16, while speaking with journalists at the State House, Abuja after a meeting with President Muhammadu Buhari.
Asset Declaration is Compulsory
The EFCC boss said the move which is according to the Bank Employees, ETC. (Declaration of Assets) Act 1986, is part of measures to sanitize the nation’s financial system and block some of the loopholes currently being exploited by unscrupulous players in the sector to undermine the Nigerian economy through money laundering and illicit financial flows.
Section 1 of the Bank Employees, ETC. (Declaration of Assets) Act 1986 makes it mandatory for every employee of a Bank to make full disclosure of assets upon employment, and annually in subsequent years.
The law under Section 7 (1) stipulates that “It shall be an offence for an employee of a bank to own assets above his legitimate known and provable income”.
Asset Declaration Violation of Act
The penalty for violation of the Act, as spelt out in section 7(2) includes imprisonment for a term of ten years; “Any employee guilty of an offence under subsection (1) of this Section shall on conviction be liable to imprisonment for ten years and shall, besides, forfeit the excess assets or its equivalent in money to the Federal Government”
Bawa who also expressed worry about youth involvement in cybercrime, however, appealed to parents to take a special interest in the activities of their children. According to him, parents have a responsibility to ensure that they nurture their children with the right set of values to ensure that they are not easily swayed by the allure of easy money through fraud and cybercrimes. He added that youths must learn that there is no shortcut to enduring wealth.