Addressing the issue of an alleged violation of anti-money laundering laws against Tongyi Group, the Special Control Unit against Money Laundering (SCUML) under the Economic and Financial Crimes Commission (EFCC) has shut down the company from operating due to its inability to comply with its unit.
This information, which was shared via the EFCC verified X handle on Wednesday, noted that Tongyi Group, a construction company and a mining entity located in Ebitu Ukiwe Street, Jabi, Abuja, was sealed up on Tuesday by the officers of SCUML.
“The Special Control Unit against Money Laundering, SCUML, of the Economic and Financial Crimes Commission, EFCC on Tuesday, June 4, 2024, sealed up Tongyi Group, located in Ebitu Ukiwe Street, Jabi, Abuja, for alleged non-compliance with Anti-Money Laundering/Combating Financing of Terrorism (AML/CFT) regulations, ” the statement read.
SCUML stated that the construction company ignored their queries after several notices were sent to them.
Furthermore, it was gathered that the premises of the construction company will remain sealed until they adhere to and identify with Nigeria’s anti-money laundering and terrorist financing laws.
Meanwhile, the commission urged the members of the public to avoid striking business deals with the company until they are cleared of the alleged charges levied against them.
However, it was alleged that the company in question violated Nigeria’s Money Laundering Protection and Prohibition Act 2022, including the Terrorism Protection and Prohibition Act 2022.
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Stating that its refusal to sign “SCUML’s checklist and to send statutory reports to the Unit, which form parts of measures SCUML put in place to mitigate money laundering and terrorist financing activities in the country, led to their action.”
SCUML is a monitoring body under the EFCC whose aim is to supervise, regulate, and assess the activities of Designated Non-Financial Businesses and Professions(DNFBPs) and Non-Profit Organisations (NPOs), which are vulnerable to money laundering and terrorist financing.
