SEC moves to tackle terrorism and money laundering in capital market

The Securities and Exchange Commission (SEC) on Thursday said the capital market would resist being used as a tool for money laundering and terrorism financing.

The Acting Director-General of the Commission, Mary Uduk, stated this in her opening remarks at the Anti Money laundering (AML) training for compliance Officers of Capital Market Operators (CMOs) in Lagos.

Represented by Malam Adamu Sambo, a Deputy Director and Head of Department, Monitoring, Uduk said the Commission would resist being used as a tool to inject illegal funds into the capital market.

She mentioned that the training would further postipn the apex regulator of Nigeria’s capital market in fighting crimes

Read also: Nigerian UK born Fiona Onasanya sacked as member of Parliament for over speeding offence

“The principles for market intermediaries is to have an efficiently functioning system that delivers compliance with standards for internal organisations and operational conduct.

“The commission is investing in human capital training and developments in addition to the promotion of innovative technology and proffer solutions in the SEC’s and the capital market operations as contained in the SEC 10-year Capital Market Master Plan (CMMP),” she said.

“goAML software application is a fully integrated software solution developed specifically for use by Financial Intelligence Units (FIU’s) and is one of United Nations Office on Drugs and Crime (UNODC) strategic responses to financial crime, including money-laundering and terrorist financing,” she added

The SEC also warned financial institutions in the country that are not complying with the rules that guide their operations.

She said that financial institutions in Nigeria must comply with rules and regulations governing the financial system in order not to see the wrath of the commission.

She added that SEC which is the apex regulator of the Nigerian capital market has a vision to develop and regulate a world-class Capital Market, adding that the commission would not cease in its bid to curtail activities that glorify laundry and terrorism.

“Uduak reiterated that the training was aimed at addressing challenges by CMOs in a rendition of statutory returns and taking compliance to the next level in the capital market.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now