EFCC boss seeks severe punishment for Money laundering offenders

Economic and Financial Crimes Commission, EFCC Chairman Ibrahim Magu has expressed displeasure with the seven-year term of imprisonment in the Money Laundering Act.

He spoke yesterday at a one-day seminar organised by the Lagos State University (LASU) Faculty of Management Sciences at the university campus.

Mr Magu said the commission would not spare professionals, who aided some top civil servants and politicians to loot the nation’s treasury, adding that bankers, lawyers and accountants behind the stealing of trillions of Naira would be put on trial.

He said about 1,578 cases of money laundering and embezzlement were recorded in the public sector between 2012 and 2013.