The Economic and Financial Crimes Commission (EFCC) has said that the Special Control Unit against Money Laundering (SCUML) certificate does not necessarily imply clearance to lawfully operate in Nigeria, amid the collapse of the fraudulent cryptocurrency investment scheme known as “CBEX”.
The EFCC, in a statement on Monday, admitted that ST Technologies( not CBEX) is registered with the SCUML in line with Section 17 of the Money Laundering( Prevention & Prohibition) Act, 2022.
The Securities and Exchange Commission (SEC) had clarified in a statement on Thursday that it did not grant registration to Crypto Bridge Exchange, CBEX or its affiliates to operate in Nigeria.
This was in response to recent media reports/publications on the activities of CBEX (Crypto Bridge Exchange)C, BEX, which reportedly also operates under the corporate identity of ST Technologies International Ltd, Smart Treasure/ Super Technology.
EFCC Reacts To ST Technologies Certification
Reacting to the development, the EFCC maintained that registration under SCUML is a statutory requirement for all Designated Non-Financial Businesses and Professions, DNFBPs, in Nigeria in consonance with Nigeria’s Anti-Money Laundering/ Control of Financing Terrorism, AML/CFT regime.
It emphasised that “The EFCC is not a clearing house or regulatory authority of online businesses.”
The anti-graft agency stressed that financial fraud of any kind is the remit (area of responsibility) of the Commission, and it is committed to ensuring justice for victims of the CBEX scam.
More insights on SCUML Certificate
Designated Non-Financial Businesses and Professions are statutorily required to register with the Special Control Unit Against Money Laundering (“SCUML”) of the Economic and Financial Crimes Commission(EFCC) and obtain a registration certificate.
The certification gives a company a clean slate from money laundering, however, it will empower the EFCC to monitor and supervise the financial activities of such a company.
The anti-graft agency will also be expecting registered companies’ cash-based transaction reports (CBTRs) and Currency Transaction Reports (CTRs) for onward forwarding to the Nigeria Financial Intelligence Unit (NFIU).
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