The Association of Bureaux de Change Operators of Nigeria and Nigerian Financial Intelligence Unit has concluded a three-day joint training/sensitisation programme on anti-money laundering and terrorist financing. The programme, attended by head offices/zonal secretariats staff of ABCON and key personalities from the NFIU, was held at the ABCON secretariat, in Lagos, according to a statement. The President, ABCON, Alhaji Aminu Gwadabe, while addressing journalists at the end of the programme, said the anti-money laundering training was intended to familiarise Bureaux de Change operators with the process of money laundering and the laws that make it a crime. According to him, the training created awareness on the need to check money laundering and terrorist financing in the period of electioneering, and will ensure that BDCs are not used to launder funds by politically exposed persons. He said it would also upscale BDCs’ compliance with the Anti-Money Laundering and Combating the Financing of Terrorism for Banks and Other Financial Institutions in Nigeria Regulations, 2013. Gwadabe said the training was part of the efforts of the Federal Government in combating money laundering, and financing of terrorist activities within the country. The training is in line with BDCs commitment to meeting their obligations towards the Financial Action Task Force Recommendations, he said. He said both the NFIU and BDCs used the training opportunity to discuss the Central Bank of Nigeria’s penalties on money laundering and terrorist financing, adding that an updated code of conducts for BDC operators in Nigeria would be unveiled later. The ABCON boss said, “ABCON has been working assiduously to cover all aspects relating to the fight against money laundering and terrorist financing, one of which is capacity building for its members and engagement with key stakeholders. “ABCON is committed to raising awareness, confronting and advocating in the areas of money laundering and terrorist financing to address any noticed gaps in filling their transaction reports.” Source: The Punch