SEC Nigeria Will Not Encourage Illicit Funds in the Capital Market- Mary Uduk, Ag DG

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Thursday, May 02, 2019  /  04:30PM  /  SEC Nigeria

The Securities and Exchange Commission, SEC, has restated its commitment to ensure that the Capital Market is not used to launder illegal funds.

This was stated by Acting Director General of the SEC, Ms. Mary Uduk in her opening remarks at the Anti Money Laundering (goAML) Training for Compliance officers of capital market operators held in Lagos, Thursday. 

Uduk who was represented by Malam Adamu Sambo, a Deputy Director and Head of Department, Monitoring, at the SEC said being the apex regulator of the Nigerian Capital Market, with a vision “to develop and regulate” a world class Capital Market that is free from any criminal activity, the Commission is not relenting in its efforts to combat the menace of money laundering and terrorist financing. 

According to Uduk, “financial Institutions shoulder great responsibility in ensuring compliance with all Rules and Regulations governing the financial system. It is our collective responsibility as stakeholders to collaborate and work together as a community in building more capacity in the system for effective compliance. 

“The Principles for market Intermediaries is to have an efficiently functioning system that delivers compliance with standards for internal organization and operational conduct.

“the Commission is investing in human capital training in addition to the promotion of innovative technology in SEC and the capital market as contained in SEC’s 10-year Capital Market Master Plan (CMMP)”. 

She said the goAML training  which is being done in collaboration with the Nigerian Financial Intelligence Unit (NFIU),is going to be a hands on, practical approach aimed at addressing challenges by CMOs in rendition of statutory returns and taking compliance to a higher level institutional conduct.  

Uduk further emphasized the SEC’s willingness to engage relevant stakeholders in building capacity on developments and trends in compliance; changes in laws, rules and regulations; the interpretation and application of same by the relevant authorities in order to encourage and promote the culture of compliance among Financial Institutions. 

The goAML software application is a fully integrated software solution developed specifically for use by Financial Intelligence Unit (FIU) and is one of United Nations Office on Drugs and Crime, UNODC’s strategic responses to financial crime, including money-laundering and terrorist financing.

The training is in line with the initiatives introduced by the SEC to sustain the confidence of investors in the capital market and to instill discipline in the transactional processes in the market. 

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