FCTA Moves to Purge BDCs of Financial Crimes, Drug Peddling
Olawale Ajimotokan in Abuja
The Federal Capital Territory Administration (FCTA) has set in motion moves that will instill sanity and standards in the operations of Bureau De Changes (BDCs) in the nation’s capital.
Senior Special Assistant to FCT Minister on Monitoring, Inspection and Enforcement, Ikharo Attah, made this disclosure over the weekend at a meeting with the BDC operators to address public concerns linking them with money laundering, economic sabotage and terrorism financing, among others.
He said FCTA’s action followed a letter from Economic and Financial Crimes Commission (EFCC), requesting it to bring sanity and global best practices to BDCs’ activities and tackle criminal activities linked to their operations.
Aside from restoring sanity to the conduct of currency business in the FCT, Attah said EFCC also requested adequate arrangements be made for BDCs to operate with registered office address in line with provisions of law and international best practices to curtail economic sabotage, money laundering and possibly terrorist financing.
“The minister gave us order to sanitise activities of BDC currency operators within the FCT, particularly with a focus on Wuse Zone 4, so that we do everything to curtail economic sabotage and tackle the issue of money laundering and possible illegal financing,” Attah said.
While noting BDC operators are critical and important stakeholders in the forex market, he warned the FCTA would not allow them to continue hawking currency by the roadside in line with Section 8.5 of the revised operational guidelines for Bureau De Change in Nigeria.
In his response, the Secretary, Zone 4 Bureau De Change Association, Yahaya Jidda Kida, expressed concerned about the issues the EFCC raised, including drug peddling problem, which he revealed his association had fought, risking their lives and businesses.
On drug peddling, he said the transactors were the real haters and genuine fighters of drugs, saying: “We always fight them tooth and nail, day and night because we don’t want them to be part of us. We are the first call for Ambassadors and we don’t want anyone with criminal activities among us.”
On money laundering, he lamented that they are always the first victims because they change money and don’t know some of those who come to change the currencies.
“It is the bankers and other people in government that are dealing in currency. We will cooperate with the minister to sanitise Zone 4 and make it a standard place,” he assured.
