ICPC, Borno banks to fight money laundering

The Independent Corrupt Practices and Other Related Offences Commission has partnered with financial institutions in Borno State to expose illicit transactions and combat money laundering.

Speaking to journalists shortly after a sensitisation meeting with representatives of banks across the state in Maiduguri on Tuesday, the ICPC Resident Anti-Corruption Commissioner overseeing Borno and Yobe states, Linus Gubbi, said the banking sector is a critical gatekeeper of financial integrity.

According to him, the agency’s decision to collaborate with the sector is to build reliable and professional channels through which financial corruption can be disrupted.

He said, “Our focus is straightforward and action-oriented: compliance with applicable anti-corruption laws and ethical standards within the banking operation, reporting obligation and collaboration.

“We recognise that banks are not law enforcement agencies. However, we also clearly recognise that the banking sector is a critical gatekeeper of financial integrity. When controls are strong, corruption becomes harder to execute and easier to detect,” he added.

Gubbi identified diversion of public funds, procurement fraud, use of fronts and proxies, and laundering of proceeds through normal transactions as the common means through which financial corruption is carried out

“Borno state is a unique environment. Public expenditure, reconstruction projects, humanitarian-linked activities, security-related logistics, and intervention programmes are prominent. This creates legitimate, high-volume financial activities

“They also create heightened vulnerability for diversion of funds, procurement fraud, use of fronts and proxies, bribery and gratification connected to approvals and payments, laundering of proceeds through seemingly normal transactions,” he stressed.

He called on bankers to ensure timely reporting of suspicious transactions.

“For bankers, their main duty is to comply with all relevant regulations that deal with suspicious transactions of any kind and make a report to appropriate authorities,” he stated.

Earlier, the Northeast Regional Manager of Eco Bank, Babagana Kyari, commended the ICPC for the exposure, describing it as a timely reminder of what is expected of workers in the financial sector.

“The training is an eye opener. Beyond the interesting discussion, we have been reminded of our roles to ensure sanity in society and contribute to fighting against corruption,” Kyari said.