The Securities and Exchange Commission (SEC) on Tuesday inaugurated a committee to fight money laundering and financing of terrorism in the Nigerian capital market.
The committee, known as Chief Compliance Officers of Capital Market in Nigeria, is aimed at preventing injection of illegal funds or proceeds of criminal acts into the capital market.
The SEC Executive Commissioner (Legal and Enforcement), Mrs Sa’adatu Bello, said at the inauguration in Lagos that the capital market was no longer safe for money launderers.
“Today marks yet another milestone achievement in our fight against money laundering and financing of terrorism,” she said.
Bello said that the committee would also provide a united front for the fight against money laundering in a more organised and all inclusive manner.
She urged the committee to ensure total compliance with rules and regulations in the capital market.
The SEC Director-General, Ms Arunma Oteh, said that the role of the committee was vital to the development of the nation’s capital market.
Oteh said that effective operation of the committee was paramount in taking the market to the next level and ensuring best practice.
