The Securities and Exchange Commission on Tuesday inaugurated a new committee to prevent money laundering and other forms of financial crimes in the market.
The Committee of Chief Compliance Officers in the Capital Market, according to SEC, is to ensure that the operations of the capital market are undertaken in line with regulatory guidelines.
It said the move was specifically aimed at checking the injection of illegal funds or proceeds of criminal acts into the capital market with the intention of concealing or disguising its real origin.
The Director-General, SEC, Ms. Arunma Otteh, who inaugurated the committee in Lagos, pledged the commission would continue to work towards strengthening the market.
She said, “It is not just for our market to be world-class, but be the first point of call for anyone who is looking for a market of integrity.”
Stressing that the role of a compliance officer was very important, she urged members of the committee to work hard, make the SEC proud, and take the market to the next level.
The Executive Commissioner, SEC, Mrs. Sa’adatu Bello, said the decision to set up the committee was informed by the commission’s vision to develop a world-class capital market.
She said, “We will not relent in the effort to ensure compliance with all regulations, which include the anti-money laundering and financing of terrorism policy of the Federal Government of Nigeria.”
Bello, who said the Nigerian capital market was not a safe haven fraudsters because all transactions were traceable, added, “The SEC has established an AML/CFT unit within the commission and issued numerous regulations in compliance with the Money Laundering Prohibition Act, 2011.
“We have also ensured the implementation of several recommendations of the Financial Action Task Force, which is the international body championing the cause of AML/CFT and its counterpart inter-governmental action group against money laundering in West Africa.”
She, however, observed that it would take a collective action for the battle against financial crimes to be successful.
“This fight is not for any entity alone; it is our collective responsibility as stakeholders in this market to save Nigeria from such acts.
The chief compliance officers shoulder great responsibility in ensuring compliance with all rules and regulations governing the capital market, including AML/CFT laws and regulation in particular.