Business Nov 30, 2010

http://www.vanguardngr.com/2010/11/sec-tasks-operators-to-track-down-anti-money-launderers/

The Securities and Exchange Commission (SEC) has challenged operators in the capital market to track down money launderers in the country.

Director General of the Commission, Ms. Arunma Oteh charged operators in the market to take advantage of the six days intensive training on “Anti- Money Laundering and Anti Market Abuse being organised by the Nigerian Capital Market Institute (NCMI)”, a subsidiary of SEC, stressing that after acquiring the skill and knowledge they should be in a position to track down money launderers.

Representing the Director Genera at the opening ceremony of the training session in Lagos on Monday, SEC’s Executive Commissioner, Legal and Enforcement unit, Mr. Charles Udora, who represented the Director_General of SEC disclosed that  the Nigerian capital market had experienced some challenges such as incessant bearishness and credit crunch not too long.

According to him, “ The SEC has introduced different measures, and indeed, adopted several strategies to ward off such price fall and broaden the depth and breadth of the Nigerian capital markets”.

He disclosed that one of the strategies that the Commission has introduced to correct market abuse is the investor’s education and operators’ human capital development.

According o him “ such human capacity building is essential for two salient reasons. Firstly, to enhance the knowledge of the investing public on the workings of the capital market, in particular, the risk of all investible instruments and the need for them to seek the professional investment advice.

Secondly, to support the market operators through highly quality and practical training on the investment, securities, rules, regulations and other international market practices such as the anti money laundering requiements and anti -market abuse fundamentals- the focus for this week”.

Oteh disclosed that the recent price turmoil, bearishness and liquidity problem in the Nigerain capital market was not caused by a single factor but a plethora of factors including market sharp practices.

To his extent, she stated the need for the operators to have a good understanding of the anti-money laundering and anti-market abuse practices.

Continuing, she said money laundering deterrence is an area of increasing global business and regulatory concern of all sectors of the financial markets-capital markets, money (banking) and foreign exchange markets, insurance markets and pension markets.

In her words, “ the challenge is that training tends to focus narrowly on the requirements, yet loses sight of the needs for training and awareness in practical objectives for anti money laundering, terrorist financing and market abuses. Undoubtedly, therefore, this training in anti-money laundering and anti- market abuse will equip participants with the necessary skills about anti-money laundering and anti- market sharp practices for the eventual transparency and efficiency of our capital markets”.