The Special Control Unit Against Money Laundering (“SCUML”) was established by the Federal Government in September 2005 in compliance with the provisions of the Money Laundering (Prohibition) Act 2004 which was subsequently repealed and amended to the Money Laundering (Prohibition) Act 2011(as amended). SCUML is a unit under the Economic and Financial Crimes Commission (“EFCC”), as the Commission drives the operative activities of the Unit in line with Sections 6(C) and 7(2) of the EFCC Establishment Act, 2004. The certificate of registration is issued in accordance with the provisions of Section 5 (1) (a) and (4) of the Money Laundering (Prohibition) Act 2011.
The need for corporate entities to obtain SCUML’s certificate of registration is steadily on the increase as the opening and continued use of bank accounts for corporate entities partly depends on it (alongside other requirements like certificate of incorporation issued by the Corporate Affairs Commission (“CAC”), Tax Identification Number (“TIN”)). it is important to note that the certificate is a mandatory obligation for Designated Non-financial Institutions (DNFIs) pursuant to Section 25 of the Money Laundering (Prohibition) Act 2011 and non-compliance may also lead to criminal prosecution against such entity and its officers.
