Requirements for Registration of Law Firms, Lotteries, Casinos, NGOs has listed by EFCC

In its bid to contain money laundering activities in the country, the Economic and Financial Crimes Commission (EFCC) has listed requirements for the registration of law firms, non-designated financial institutions and other business organisations.

A document containing the list of requirements for registration issued by the Special Control Unit against Money Laundering (SCUML), listed such organisations as law firms, dealers in luxury goods, limited liabilities, dealers in jewelry, car dealers and supermarket among others. Others are hotel and hospitality business, casinos, pool betting, lottery business and Non-governmental Organisations (NGOs).
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Money Laundering: EFCC Lists Requirements for Registration of Law Firms, Lotteries, Casinos, NGOs
editorNovember 18, 2020 8:00 Am
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By Kingsley Nwezeh

In its bid to contain money laundering activities in the country, the Economic and Financial Crimes Commission (EFCC) has listed requirements for the registration of law firms, non-designated financial institutions and other business organisations.

A document containing the list of requirements for registration issued by the Special Control Unit against Money Laundering (SCUML), listed such organisations as law firms, dealers in luxury goods, limited liabilities, dealers in jewelry, car dealers and supermarket among others. Others are hotel and hospitality business, casinos, pool betting, lottery business and Non-governmental Organisations (NGOs).

It listed the requirements for registration to include certificate of incorporation, memorandum and articles of association, and tax identification number. Others are Bank Verification Number (BVN), bank name and account number. “Any company that has the following business objective (mining, oil/gas, export, investment and pharmacy) in their MEMAT should ensure that the necessary approvals/authorisation/licences are attached to their applications”, it said.

Spokesman of the EFCC, Mr. Wilson Uwujaren, said the listed requirements for registration was a normal and routine procedure. “That is their work. The department is called Special Control Unit against Money Laundering. They register non-designated business organisations, law firms, accounting firms, NGOs, etc.

“That is their responsibility. They are doing their work. It is normal and routine”, he said.

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