Looters take desperate measures to hide cash

The acting chairman of the Economic and Financial Crimes Commission, (EFCC) Ibrahim Magu says looters have stopped keeping money in banks due to the ongoing anti-corruption war
– The EFCC boss urges bureau de change operators and financial institutions to desist from collaborating with looters to launder money
– Says the commission will soon be going after accounting firms that collaborate with bankers to steal government funds
The EFCC chairman Ibrahim Magu, says looters now keep money in abandoned houses.
Due to the ongoing anti-corruption war of the Muhammadu Buhari administration looters have now resorted to desperate measures in order to hide their cash.

The acting chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu says looters have stopped keeping money in banks and have resorted to storing cash in their abandoned properties in order to avoid being caught by the ant-graft agency, the Punch reports.
“People are now scared of keeping monies in banks, as it can be traced easily. Monies are now kept in abandoned houses in the country,”
Magu said at a workshop titled, the ‘Role of Professionals in the Fight against Corruption’ in Abuja on Friday, June 17.
The EFCC boss also urged bureau de change operators and financial institutions to desist from collaborating with looters to launder money.
He said: “BDCs move billions of naira in a day and there is no proper documentation of money laundered. I appeal to the BDCs to stop that, as we will begin to prosecute bureau de change operators to serve as deterrent. Bankers are also involved in corrupt acts, as they don’t carry out due diligence.’’
He charged professional bodies in the country to join hands with the anti-graft agency in the fight against corruption and economic crimes.

Magu said: “Instead of conniving with people to launder the proceeds of corruption, I beg you to join hands with the EFCC to fight corruption.
“Many professionals celebrate criminality by doing a lot to foster corruption, which adds more to money laundering. I don’t intend to criticise the work of professionals, but to solicit their support in order to make Nigeria better for the younger generation.’’
The EFCC boss further revealed that the commission would soon be going after accounting firms that collaborate with bankers to steal government funds.
According to him, the anti-graft agency would soon be going after accounting firms that collaborate with bankers to steal government funds.
Meanwhile, human right lawyer, Femi Falana, has warn President Muhammadu Buhari not to amend the money laundering law.