On Tuesday, June 4, 2024, the Special Control Unit against Money Laundering (SCUML) of the Economic and Financial Crimes Commission (EFCC) sealed the premises of Tongyi Group, located on Ebitu Ukiwe Street, Jabi, Abuja, for alleged non-compliance with Anti-Money Laundering/Combating Financing of Terrorism (AML/CFT) regulations.
The enforcement action followed Tongyi Group’s repeated failure to comply with SCUML’s directives. Despite numerous attempts by SCUML to ensure the construction and mining company adhered to AML/CFT laws, the company remained non-compliant.
According to SCUML regulations, the non-compliance seal and closure notice will remain in effect until Tongyi Group fully complies with Nigeria’s anti-money laundering and terrorist financing laws. The public is advised to exercise caution in conducting business with the company until compliance is achieved.
Tongyi Group allegedly breached the Nigeria Money Laundering (Prevention and Prohibition) Act 2022 and the Terrorism (Prevention and Prohibition) Act 2022 by failing to complete SCUML’s checklist and submit statutory reports. These requirements are crucial measures designed to mitigate money laundering and terrorist financing activities in the country.
SCUML, a unit of the EFCC, is responsible for monitoring, supervising, regulating, and assessing the activities of Designated Non-Financial Businesses and Professions (DNFBPs) and Non-Profit Organizations (NPOs), which are particularly vulnerable to money laundering and terrorist financing.
