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SEC tasks committee to tackle money laundering, terrorism

By on August 10, 2013

The Securities and Exchange Commission (SEC) has charged the newly inaugurated committee of Chief Compliance Officers of Capital Market (CCOCIN) to fight against money laundering and financing of terrorism.

The Committee according to SEC, is to ensure that the operations of the capital market are undertaken in line with regulatory guidelines. The move was specifically aimed at checking the penetration of illegal funds or proceeds of criminal acts into the capital market with the intention of concealing its real origin.

Speaking at the launching ceremony of the committee in Lagos, Director General of the commission, Ms Arunma Oteh, who performed the inauguration, urged the committee to discharge its job effectively to make the country proud and ensure that the capital market is taken to the next level. She said “it is not just for our market to be world class, but to be the first point of call for anyone who is looking for a market of integrity”

In her welcome address, Mrs. Saidatu Bello, Executive Commissioner, Legal and Enforcement, SEC highlighted the roles of the committee which includes the fight against money laundering and financing of terrorism.

Bello, who said the Nigerian capital market was not a safe place for fraudsters because, all transactions were traceable.

She added “The SEC has established an AMT/CFT unit within the commission and had issued numerous regulations in compliance with the Money Laundering Prohibition Act, 2011. We have also ensured the implementation of several recommendations of the financial task force, which is the international body championing the cause of AML/CFT and its counterpart, the inter governmental action group against money laundering in West Africa. This fight is not for any entity alone, it is our collective responsibility as stakeholders in this market to save Nigeria from such acts”

According to her, “The establishment of CCOCIN will provide a united front in order to fight against money laundering and financing of terrorism.”

She also listed some of the objectives of the committee which includes encouraging and promoting the culture of compliance within the Nigerian market; to provide an avenue for interaction, ideas and experiences among the stake holders.

 

 

 

[Vanguard]