Why We Sealed Tongyi Group – EFCC

By Anne Osemekeh, Abuja

The Special Control Unit against Money Laundering, (SCUML) of the Economic and Financial Crimes Commission has sealed up Tongyi Group, located in Ebitu Ukiwe Street, Jabi, Abuja.

A statement by the EFCC’s Head of Media and Publicity, Dele Oyewale said, the establishment was sealed on Tuesday, June 4 2024 for alleged non-compliance with Anti-Money Laundering/Combating Financing of Terrorism, (AML/CFT) regulations.

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TheFact Daily reports that Tongyi Group allegedly violated Nigeria’s Money Laundering Protection and Prohibition Act 2022 as well as the Terrorism Protection and Prohibition Act 2022 all of which are under the AML/CFT regime, by refusing to sign SCUML’s checklist and to send statutory reports to the Unit, which form parts of measures SCUML put in place to mitigate money laundering and terrorists financing activities in the country.

“By SCUML’s regulations, the seal of non-compliance and closure pasted on the business premises would remain in force until the company embraces full compliance with Nigeria’s anti-money laundering and terrorists financing laws”, Oyewale stated, and warned members of the public to be wary of carrying out business transactions with it.

SCUML, as a unit of the EFCC, monitors, supervises, regulates and assesses the activities of Designated Non-Financial Businesses and Professions (DNFBPs) and Non-Profit Organisations (NPOs), which are vulnerable to money laundering and terrorists financing.

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