Assets declaration: EFCC’s June 1 deadline to bankers expires

Barring an extension, the ultimatum by the Monetary and Financial Crimes Charge (EFCC) to bankers and financial system operators to declare their property by June 1 expires tonight.

In March, the Chairman, Abdulrasheed Bawa launched the deadline in a chat with State Residence reporters after a gathering with President Muhammadu Buhari.

The anti-corruption chief talked about the directive is backed by the Monetary establishment Staff (Declaration of Property) Act 1986.

Bawa accused avid gamers inside the sector of undermining the financial system by the use of money laundering and funds acquired illegally.

Half 1 of the Monetary establishment Staff (Declaration of Property) Act 1986 makes it mandatory for every employee to make full disclosure of property upon employment and yearly.

“It shall be an offence for an employee of a monetary establishment to non-public property in additional of his legit recognized and provable income”, Half 7 (1) stipulates.

The penalty for violation of the Act, as spelt out partially 7(2) consists of imprisonment for a time interval of ten years.

That’s together with forfeiture of additional property or its equal in money to the federal government.

One week after his directive, Bawa, whereas receiving a report on illicit financial flows from a coalition of Nigerian Civil Society Organizations, regretted how bankers current cowl for thieves.

He insisted it is all through the EFCC mandate to demand the property declaration kinds of Nigerians in every private and public sector.

“What the EFCC talked about is, come June 1, we will be demanding for copies of declaration of asset sort from the bankers.

“We certainly not saiddeclare to us because of we have studied the regulation, we will be demanding and we have the powers to demand knowledge from individuals and organizations.”

Bawa added that these taking funds out of Nigeria criminally get assist from engineers, professionals, accountants and financial institutions.