About SCUML?

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 The establishment of SCUML in 2005 was as a commitment by Nigeria, through the Federal Government constituted Presidential Inter-Agency Committee, to the Financial Action Task Force (FATF). The objectives were to remedy identified inadequacies of AML/CFT legislation and institutional framework for implementation in Nigeria.

 Nigeria’s response, led to the passage of the Money Laundering (Prohibition) Act 2004, currently 2011 ML (P) Act, as amended, and legally included Designated Non-Financial Institutions (DNFIs) in the anti-money laundering/combatting the financing of terrorism (AML/CFT) regime.

 Nigeria being a cash-based economy, vested the supervisory responsibility on the Federal Ministry of Commerce and Industry (now Federal Ministry of Industry, Trade & Investment), which established the Special Control Unit against Money Laundering (SCUML).

 The statutory responsibility of SCUML ,as expressed in its vision, is ‘to be a world-class regulatory unit - one that becomes a benchmark in the supervision, monitoring and regulation of the Designated Non Financial Institutions (DNFI) as regards compliance to Nigeria’s Anti Money Laundering and Combating the Financing of Terrorism AML/CFT regime’.

SCUML currently enforces the ML(P) A 2011,as amended, Terrorism Prevention Act 2013 and other pieces of legislation relevant to AML/CFT on: Law Firms, Notaries, and other Independent Legal Practitioners; Accountants and Accounting firms; Trust and Company Services Providers; Estate Surveyors and Valuers; Business outfits dealing in Jewelleries; Car Dealers; Dealers in Luxury Goods; Chartered Accountants; Audit Firms; Tax Consultants; Clearing and Settlement Companies; Hotels; Casinos; Supermarkets; Dealers in Precious Stones and Metals; Dealers in Real Estate Developers, Estate Agents and Brokers; Hospitality Industry; Consultants and Consulting Companies; Importers and Dealers in Cars or any other Automobiles; Dealers in Mechanized Farming Equipment and Machineries; Practitioners of Mechanized Farming; and Non-Governmental Organizations and any other business(es) as may be designated from time to time by the Federal Ministry of Trade and Investment.
 In SCUML’s efforts to serve as a structure for curtailing Money Laundering and Terrorist Financing in the DNFI sector and sanitizing the sector to create an enabling environment for promotion of commerce and investment, it ensures effective supervision of DNFI’s which includes amongst others, registration, inspection on a risk based-approach, ensuring rendition of statutory reports (cash-based transaction reports, currency transaction reports, suspicious transaction reports), training and manpower development.

 All efforts are aimed at adding value to investigations by providing data relating to DNFIs, which will facilitate an enabling environment for the promotion of investment in Nigeria. In this effort to sanitize the business environment, it collaborates with key stakeholders such as Self Regulatory Organisations (SROs), Non Profitable Organisations (NPOs), National Planning Commission (NPC), Corporate Affairs Commission (CAC) etc.

 SCUML works in collaboration with Economic and Financial Crimes Commission “EFCC” (the coordinating agency for Nigeria’s AML/CFT regime) and the Nigerian Financial Intelligence Unit “NFIU” (the national repository of financial disclosures of cash-based transaction reports, currency transaction reports and suspicious transaction reports).

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Who is a DNFI?

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Section 25 of the ML (P) Act defines DNFIs as dealers in jewellery, cars and luxury goods, Precious stones and metals, Real estate, Estate developers, Estate surveyors and Valuers, Estate Agents, Chartered accountants, audit firms, tax consultants, clearing and settlement companies, hotels, casinos, supermarkets, Dealers in Mechanized Farming equipment and machineries, Practitioners of Mechanised farming,  Non Governmental Organisations (NGOs) or such other businesses as the Federal Ministry of Trade and Investment or appropriate regulatory authorities may from time to time designate.

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About CTRS and STRS?

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CTRs: Currency Transaction Reports are reports on transactions exceeding the statutory threshold; they are to be submitted within seven days from the date of transaction.

STRs: Suspicious Transaction Reports involve a frequency which is unjustifiable or unreasonable and is surrounded by conditions of unusual or unjustified complexity which appears to have no economic justification or lawful objective.

Scam Alert

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 ABUJA: PAST EVENT
1. A 1-day sensitization in Nassarawa State on the 3rd of June, 2014.
Target Audience: DNFI's and self regulatory organizations.
2. A 1-day sensitization in Niger state on the 5th of June, 2014.
Target Audience: DNFI's and self regulatory organizations.
3. A 3-day seminar took place in Lagos from 25th to 27th August, 2014.
Target Audience: DNFI's Chief Executive Officers and self regulatory organizations.
4. A 3-day seminar took place in Port Harcourt from 23rd to 25th September, 2014.
Target Audience: DNFI's and representatives self regulatory organizations.
5. A 5-day CIBN training in conjuction with UNODC for SCUML staff from 20th to 24th October, 2014 at the EFCC Academy Karu, Abuja. The training focused an knowledge about banking system, SCUML and Money Laundering in general. The training will be in two batches and the second one would come up from 10th to 14th of November, 2014.
6. A 3-day sensitization exercise in Benue State from 2nd to 4th December, 2014.
Target Audience: DNFIs and representatives of Self Regulatory Organizations.
GOMBE: PAST EVENTS
1. A 4-day sensitization exercise in Taraba State from 25th to 28th November, 2014.
Target Audience: DNFIs and representatives of Self Regulatory organization
KANO: PAST EVENTS
1. Sensitization in Zamfara.
2. Sensitization in Sokoto
LAGOS: PAST EVENTS
1. A 1-day sensitization programmed took place in Ibadan on the 23rd of June, 2014.
Target Audience: DNFI's , Self Regulatory Organizations (SROs) and representatives of Compliance Officers from Banks.
2. A 3-day Seminar took place in Lagos from the 25th to the 27th of August, 2014.
Target Audience: DNFI's Chief Executive Officers and self regulatory organizations.
PORT-HARCOURT: PAST EVENT
1. A 5-day sensitization and seminar took place in Bayelsa state from the 25th to 29th of August, 2014.
Target Audience: Self Regulatory Organizations.
2. A 3-day sensitization and seminar took place in Delta and Edo State from the 8th to 11th of September, 2014.
Target Audience: Self Regulatory Organizations.
3. A 3-day Sensitization and Seminar took place in Cross River and Akwa Ibom State from the 13th to 15th of October, 2014.
Target Audience: Self Regulatory Organizations
 

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