Court Jails Auto Company For Failing To Report Transaction To EFCC

Justice Hawau Buhari of the Federal High Court sitting in Kaduna, has convicted and sentenced a company, Classiel Integrated Motors Limited, for failing to render its transactions report since its registered with the Special Control Unit Against Money Laundering (SCUML).

The company bagged its jail term after SCUML carried out an onsite inspection and sensitisation on its statutory obligations as stipulated in the relevant laws.

Further investigations showed that the company also failed to conduct a proper Know Your Customer (KYC), on its customers during transactions.

The company was then arraigned by the Kaduna Zonal Command of the EFCC on one-count charge bordering on money laundering.

The one-count charge reads: “That you Classiel Integrated Motors Ltd operating the business of General contractors and other businesses, sometime in June, 2022 at Kaduna within the jurisdiction of this Honourable Court, did an act to wit: failed to report to the Economic and Financial Crimes Commission in writing within 7 days, your lodgment of N5,500,000.00(Five Million and Five Hundred Thousand Naira) which is in excess of N5,000,000.00(Five Million naira) and thereby committed an offence contrary to Section 11(1) of the Money Laundering (Prevention and Prohibition)Act, 2022 and punishable under Section 11(3) of the same Act.”

The company had pleaded guilty to the charge read to it, this prompted the prosecution counsel, M.E Eimonye to pray the court to convict it accordingly.

Justice Buhari, thereafter convicted and sentenced the company to a fine of N250k.