Travelex, CBN, EFCC Partner on Best Practices for BDCs
Nume Ekeghe
As part of efforts to ensure transparency in the foreign exchange market, Travelex Nigeria Limited, a subsidiary of Travelex UK, in collaboration with the Central Bank of Nigeria (CBN) and the Economic & Financial Crimes Commission (EFCC) have concluded plan to engage Bureau De Change (BDC) operators on international best practices.
The engagement, which is a national seminar on best practices in the BDC segment of the foreign exchange market in Nigeria, is schedule for September 6th to 7th, 2018 in Lagos.
The seminar will highlight a major cooperation between Travelex, the CBN and key financial services regulatory authorities in the country.
Key presenters at the seminar are the CBN Deputy Governor on Financial System Stability Directorate of CBN; the Chairman Economic & Financial Crimes Commission, Director General, Nigeria Financial Intelligence Unit (NFIU); Managing Director/CEO Nigeria Inter-Bank Settlement System (NIBSS), the President of ABCON, alongside experts and technical personnel from Travelex UK.
According to a statement signed by Anthony Enwereji, General Manager, Travelex Nigeria, some of the topics to be discussed include: ‘BDCs and anti-money laundering laws and regulations’; ‘Detection and prevention of illicit financial flows in election year’; ‘International best practice in BDCs operations: How BDCs work in order climes’; ‘Standard reporting guidelines on BDC returns’; ‘Application of IT in facilitating BDC operations’, and ‘Practical effects of CBN policies on BDC operations’.
“The core objective of the seminar is to harmonise the practices and procedures in the nation’s BDC subsector by bringing them in line with international best practices,” the statement said.
“In addition, the seminar is slated in the countdown to the general election in Nigeria to help BDCs guard against facilitating illicit financial flows associated with the season of campaign financing. African countries lose more than $50 billion annually through illicit financial flows,” it stated.
The statement added, “it is estimated that $100 billion a year, about four percent of Africa’s GDP, have been illegally earned, transferred, or used, much of it due to mis-invoicing.
“This retards Africa’s growth; weakens public institutions and rule of law; discourages the culture of paying taxes and value-addition to natural resources; and results in countries over relying on official development assistance.”