The Economic and Financial Crimes Commission (EFCC) has urged Non-Profit Organisations (NPOs) and Civil Society Organisations (CSOs) to guard against the misuse of their platforms for terrorism financing and money laundering.
The call was made by the Technical Adviser to the Director of the Special Control Unit Against Money Laundering (SCUML), Tope Erinlomo, during a sensitisation programme held on Tuesday in Ilorin, Kwara State.
Erinlomo said NPOs and CSOs occupy strategic positions in society and must not allow individuals with ulterior motives to exploit them for illicit financial activities.
He explained that the programme was aimed at equipping the organisations with the knowledge required to prevent money laundering and terrorism financing.
Citing the Money Laundering (Prevention and Prohibition) Act, 2022, he emphasised the importance of proper record-keeping, noting that Section 8 mandates organisations to preserve transaction records, customer identification, and other relevant documents for at least five years.
“The aim is to ensure transparency and make such records available for inspection by regulatory authorities when necessary,” he said.
Erinlomo also stressed the need for strict compliance with Know Your Customer (KYC) requirements, urging organisations to verify the identities of donors, beneficiaries and partners using valid and reliable documentation.
He further called for due diligence in the recruitment of staff and volunteers, as well as regular monitoring of internal operations to prevent abuse.
“You are required to properly identify and verify your donors, especially in cases involving large or unusual donations, foreign contributors, or politically exposed persons,” he added.
He encouraged organisations to conduct periodic risk assessments to detect and prevent attempts by criminal elements to infiltrate their operations.
A participant, Musa Aliyu, commended the EFCC for the initiative, noting that tackling terrorism financing requires collective effort and collaboration with relevant authorities.
