Business Headline News Nigeria

ECOWAS empowers Bureau de change operators

The Governor of the Central Bank Mr Godwin Emefiele says the Bank has strengthened its licensing regime for Bureau Change companies to check fraudulent activities within the foreign exchange market.

He stated this in Abuja at the opening of a National Workshop on enhancing Anti Money Laundering and Counter-Financing of Terrorism compliance for Bureau de Change operators.

The workshop was organized by the Inter-Governmental Action Group Against Money Laundering in West Africa, GIABA, an institution of the Economic Community of West African States responsible for facilitating the adoption and implementation of Anti Money Laundering and counter -financing of terrorism in West Africa.

Mr. Emefiele who was represented by a staff of the Apex bank, Aminu Bwari said the training would enhance the capacity of the bureau de change operators to comply with all regulations.

The Director General of GIABA represented by the acting Director, Evaluation and Compliance, Dr. Geoffrey Isima said the objective of the training was to equip the Bureau the change operators with requisite knowledge on vulnerabilities and methods used by criminals in the currency exchange sector to launder the proceeds of crime.

Cross section of participants at the training

The President National Association of Bureau de Change Operators, Alhaji Gwadabe said the workshop was timely and expressed the hope that the training would empower its members to comply with all financial regulations.

Reporting by Hamza Alkali: Editing by Marian Benjamin and Annabel Nwachukwu