EFCC Seals Abuja Construction Company in Money Laundering Probe

THE Economic and Financial Crimes Commission (EFCC) has taken decisive action against Tongyi Group, a construction and mining company based in Jabi, Abuja, for non-compliance with Anti-Money Laundering/Combating Financing of Terrorism (AML/CFT) regulations. The Special Control Unit against Money Laundering (SCUML) of the EFCC sealed off the company on Tuesday, following repeated warnings that went unheeded.

According to EFCC spokesman, Dele Oyewale, Tongyi Group violated Nigeria's Money Laundering Protection and Prohibition Act 2022 and the Terrorism Protection and Prohibition Act 2022 by failing to sign SCUML's checklist and submit statutory reports. This breach of AML/CFT regulations, designed to prevent money laundering and terrorist financing, led to the company's closure.

The EFCC's action demonstrates its commitment to enforcing AML/CFT regulations and preventing illicit financial activities. The commission's efforts aim to protect Nigeria's financial system and maintain global standards in combating money laundering and terrorist financing.

The statement added, “By SCUML's regulations, the seal of non-compliance and closure pasted on the business premises would remain in force until the company embraces full compliance with Nigeria's anti-money laundering and terrorists financing laws.

“By shutting down the company, SCUML warned members of the public to be wary of carrying out business transactions with it.”