FCTA, EFCC Take Fight Against Financial Crimes To Bureau De Change

To check financial crimes such as money laundering, economic sabotage and terrorism financing, the Federal Capital Territory Administration (FCTA) has taken steps to sanitise the operations of Bureau De Change (BDC) in the nation’s capital city.

The senior special assistant to FCT minister on monitoring, inspection and enforcement, Ikharo Attah gave the hint of the new move at the weekend at a meeting with the BDC operators.

Ikharo said the action became necessary following an Economic and Financial Crimes Commission (EFCC) letter, requesting the FCTA to bring sanity and global best practices to their activities to tackle criminal activities arising from their operations.

He revealed that in addition to the restoration of sanity in the conduct of currency business in the FCT, the EFCC has requested that adequate arrangements be made for Bureau De Change to operate with a registered office address in line with provisions of law and international best practices to curtail economic sabotage, money laundering and possibly terrorist financing.

“The minister gave us the order to sanitize activities of BDC currency operators within the FCT, particularly with a focus on Wuse Zone 4, so that we do everything to curtail economic sabotage and tackle the issue of money laundering and possible illegal financing,” he said.

He stated that the CBD operators were a critical stakeholder in the forex market, but that the FCTA would not allow them to continue hawking currency by the roadside and that they can operate properly and the city be run beautifully.

While pointing out that section 8.5 of the revised operational guidelines for Bureau De Change in Nigeria aligns with the anti-hawking policy of the FCT, he said that FCTA is not comfortable with hawking currencies on the road in Zone 4.

He, therefore, thanked the operators for believing in Abuja and for supporting the FCTA in her quests to keep the city clean and fight against drug peddling.

“The FCT Police Commissioner, NDLEA, and NSCDC have all commended you for the role in tackling drug cartels around Zone 4,” Ikharo added.

In his response, the secretary, Zone 4 Bureau De Change Association, Yahaya Jidda Kida appreciated the democratic and civilised manner the FCTA approached them and assured that they are ready to cooperate with the government.

Yahaya said they were also very concerned about the issues the EFCC raised, including the drug peddling problem, which he revealed his association had fought, risking their lives and businesses.