Legal Nigeria

EFCC gives bankers, others June 1 deadline to declare assets

Abdulrasheed Bawa. Photo: FACEBOOK/OFFICIALEFCC

The Economic and Financial Crimes Commission (EFCC), yesterday, said it expected operators in the financial system, especially bankers, to declare their assets by June 1, 2021 at the most.

Its Executive Chairman, Abdulrashed Bawa, gave the deadline while addressing State House correspondents after a meeting with President Muhammadu Buhari in Abuja.

He said the move, which is pursuant to the Bank Employees, ETC (Declaration of Assets) Act 1986, is part of measures to sanitise the nation’s financial system and block some of the loopholes currently being exploited by unscrupulous players in the sector to undermine the economy through money laundering and illicit financial flows.

Section 1 of the law makes it mandatory for every employee of a bank to make full disclosure of assets upon employment and annually in subsequent years.

Bawa, who also expressed worry over youth’s involvement in cybercrime, appealed to parents to take special interest in the activities of their children.

Its Executive Chairman, Abdulrashed Bawa, gave the deadline while addressing State House correspondents after a meeting with President Muhammadu Buhari in Abuja.

He said the move, which is pursuant to the Bank Employees, ETC (Declaration of Assets) Act 1986, is part of measures to sanitise the nation’s financial system and block some of the loopholes currently being exploited by unscrupulous players in the sector to undermine the economy through money laundering and illicit financial flows.

Section 1 of the law makes it mandatory for every employee of a bank to make full disclosure of assets upon employment and annually in subsequent years.

Bawa, who also expressed worry over youth’s involvement in cybercrime, appealed to parents to take special interest in the activities of their children.

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