ICPC Signs MoU With Standard Chartered Bank To Tackle Financial Fraud

By M. M Murama

The Independent Corrupt Practices and Other Related Offences Commission has collaborated with Standard Chartered Bank of Nigeria to tackle the menace of financial fraud risk in Nigeria.

The collaboration was sealed in a Memorandum of Understanding (MoU) signed on Wednesday at the ICPC headquarters in Abuja.

Present during the MoU signing were some management staff of Standard Chartered Bank led by its Executive Director, Compliance and Risk Management, Mr. Siji Adeyinka and the ICPC chairman, Dr Aliyu Musa.

Dr Musa emphasized that the signing of MoU with financial institutions is important because it helps in monitoring financial flow from one end to the other.

He explained that financial institutions and law enforcement agencies like ICPC require the expertise and information from financial institutions to tackle financial fraud in the public sector.

In his words: “We as law enforcement agencies cannot work without partners that are key to our work like your bank. With your background, you’ll be of a lot of help to us and I know we also have a lot to offer to you.

“Some of the issues concerning the movement of money start with financial institutions but don’t end there and you are the people who have the information. Once we’ve been able to understand how we can work together, we’ll solve a lot of challenges confronting us.”

The ICPC Boss also expressed the readiness of the Commission to pursue a good working relationship with Standard Chartered Bank saying it was ready to formalise the MoU with the bank.