EFCC to Gemstone Operators: Shun Dirty Money, Obey AML Rules

The Economic and Financial Crimes Commission (EFCC) has cautioned miners and dealers in gemstones and other precious metals against allowing their businesses to serve as channels for laundering illicit funds or financing terrorism.

EFCC Chairman, Ola Olukoyede, issued the warning at a one-day capacity-building and sensitisation workshop for operators in the sector held in Ibadan. The session was organised by the Commission in collaboration with the Nigerian Financial Intelligence Unit (NFIU), with support from German agency, GIZ.

Olukoyede, represented by Chief Superintendent Toyin Ehindero-Benson, who coordinates the Special Control Unit Against Money Laundering (SCUML) in the Ibadan Zonal Directorate, expressed displeasure at what he described as “gross negligence” by legitimate operators who ignore Know-Your-Customer (KYC) requirements and fail to file suspicious transaction reports.

He charged stakeholders to urgently align with regulatory obligations under the anti-money laundering and counter-terrorism financing framework, saying the nature of the trade makes it a priority sector in the national security and financial integrity architecture.

“The industry is a critical focal point in the fight against financial crimes. This engagement provides a platform to deepen awareness, strengthen compliance and build stronger regulator-operator collaboration,” he stated.

Presentations at the workshop were delivered by Assistant Commander of EFCC, Musa Giwa Yusuf; NFIU Assistant Director, Kalu Aja; and EFCC Superintendent, Murtala Adamu. The sessions highlighted sector vulnerabilities, reporting obligations and the need for each firm to designate a compliance officer to interface with regulators.

Participants were reminded that their firms can be exploited for illicit flows without their knowledge, hence the necessity of documenting and reporting all transactions.

Vice President of the Ojoo Gemstone Dealers Association, Michael Etuk, pledged cooperation, assuring that operators in Oyo State will comply fully with statutory obligations to support the fight against money laundering and terror financing.