In 2013, the Federal Ministry of Industry, Trade and Investment (Designation of Non-Financial Institutions and Other Related Matters) Regulations, 2013 expanded the meaning and list of business/professionals referred to as Designation of Non-Financial Institutions from what is provided in the Money Laundering (Prohibition) Act 2011. By the Terrorism (Prevention) Act 2011 and its later amendment in 2013, there are provisions for law enforcement to ensure terrorism is not funded. By that law, Designated Non-Financial Institutions (DNFI) are dealers in Jewelry, cars and luxury goods, chartered accountants, audit firms, tax consultants, clearing and settlement companies, legal practitioners, hotels, casinos, supermarkets, or such other businesses as the Federal Ministry of Commerce or appropriate regulatory authorities may from time to time designate. In reality and for operational convince, the SCUML is domiciled in the EFCC.īy the provisions of the Money Laundering (Prohibition) Act 2011, any Designated Non-Financial Institutions (DNFI) that is involved in cash transactions is to provide declaration of its activities to the Federal Ministry of Finance. DNFIs are expected to establish robust internal control and compliance mechanism, Customer Due Diligence Measures and to make appropriate reports to SCUML. The Special Control Unit against Money Laundering (“SCUML”) of the Federal Ministry of Industry, Trade and Investment is empowered by the Federal Ministry of Industry, Trade and Investment (Designation of Non-Financial Institutions and Other Related Matters) Regulations 2013, to register and monitor the activities of Designated Non-Financial Institutions (DNFI) in Nigeria, in collaboration with the Nigerian Financial Intelligence Unit (NFIU) and other professional bodies and regulators.
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