Nigeria’s frontline Anti-graft agency, the Economic Financial Crimes Commission EFCC, has urged car dealers to comply with the Money Laundry Act.
A Zonal coordinator of the Special Control Unit Against Money Laundering (SCUML), Toyin Benson, gave the charge at an event in Ibadan, Oyo state.
She advised all motor dealers to ensure there is total compliance with the act or risk facing the wrath of the law.
Benson said that the commission expects all dealers to comply with the money laundering act noting that once there is any transaction of N5m Naira from an individual, they have to report to the Special Control Unit Against Money Laundering within seven days in order not to attract any penalty.
In his remark, the state chairman Oyo state Association of Motor Dealers of Nigeria, Taiwo Adewole, explained that the association is open to complying with government policies as long as it will move their business forward.