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ARTICLE · 10 JUNE 2022

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Special Control Unit On Money Laundering (SCUML)

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The SCUML is the government agency charged with the responsibility of monitoring, supervising, and regulating the activities of DNFIs in line with the Money Laundering (Prohibition) Act 2011 and the Prevention of Terrorism Act (PTA) 2011.

NigeriaGovernment, Public Sector
Sidebrief Inc.
Sidebrief Inc.

The Special Control Unit on Money Laundering (SCUML) is the government agency charged with the responsibility of monitoring, supervising, and regulating the activities of Designated Non-Financial Institutions (DNFIs) in line with the Money Laundering (Prohibition) Act 2011 and the Prevention of Terrorism Act (PTA) 2011.

Is SCUML part of the EFCC?

The Unit was created under the Federal Ministry of Industry, Trade and Investment but is operationally domiciled within the Economic and Financial Crimes Commission (EFCC). The EFCC oversees the supervisory responsibility and it is vested with the checks on financial crimes and terrorism.

What is SCUML Used For?

The regulation of these DNFIs by SCUML is to help to curb money laundering by monitoring closely the funding and financial status of these institutions. SCUML evidences monitoring, supervision, registration of the DNFIs, providing vital information relating to DNFIs money trails to assist criminal

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