The Chairman of the Economic and Financial Crimes Commission (EFCC)(https://home.westafricaweekly.com/efcc-chairman-olukoyede-tasks-car-dealers-on-mandatory-scuml-registration-to-tackle-money-laundering/) Ola Olukoyede has issued a stern warning to car dealers nationwide: be cautious of those attempting to launder illicit funds through vehicle purchases and dealership transactions.
At a recent capacity-building workshop organized for members of the Association of Motor Dealers of Nigeria (AMDON)(https://punchng.com/report-suspicious-transactions-to-efcc-adeleke-urges-car-dealers/) in Osun State, Olukoyede emphasized the importance of registering with the Special Control Unit Against Money Laundering (SCUML) and complying with all regulations. The goal: prevent your business from becoming a conduit for illegal money and protect your reputation.
He also urged dealers to verify customer identities, avoid cash transactions for high-value vehicles, and report suspicious activity immediately. The EFCC warns that failure to do so could lead to severe legal and financial penalties.
This initiative is part of Nigeria’s broader fight against financial crimes and terrorism funding, with the EFCC actively monitoring and sanctioning dishonest practices in the automotive sector.
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