EFCC cracks down on Tongyi Group over alleged money laundering violations
The Economic and Financial Crimes Commission (EFCC) has sealed off Tongyi Group, a construction and mining company located in Jabi, Abuja, for alleged non-compliance with Anti-Money Laundering/Combating Financing of Terrorism (AML/CFT) regulations.
The Special Control Unit against Money Laundering (SCUML) of the EFCC took the action on Tuesday, after the company failed to heed repeated warnings to comply with the AML/CFT regime.
SCUML officers shut down the company’s premises and pasted a notice of non-compliance on the door, warning the public to beware of doing business with the company.
A statement by EFCC spokesman, Dele Oyewale, said Tongyi Group allegedly violated Nigeria’s Money Laundering Protection and Prohibition Act 2022 and the Terrorism Protection and Prohibition Act 2022 by refusing to sign SCUML’s checklist and submit statutory reports.
The company’s actions are seen as a clear breach of the AML/CFT regulations, which are designed to prevent money laundering and terrorist financing.
The statement added, “By SCUML’s regulations, the seal of non-compliance and closure pasted on the business premises would remain in force until the company embraces full compliance with Nigeria’s anti-money laundering and terrorists financing laws.
“By shutting down the company, SCUML warned members of the public to be wary of carrying out business transactions with it.”
