By GRACE ALEGBA

The Association of Bureau De Change Operators of Nigeria (ABCON) has backed United States sanctions against alleged terrorism financiers.

ABCON President, Aminu Gwadabe, in a statement on Wednesday said the action should not be viewed as an indictment of the entire BDC industry.

He stressed that licensed operators remained committed to transparency, accountability and compliance with regulatory requirements.

Gwadabe condemned terrorism and all forms of terrorism financing, supporting measures aimed at disrupting illicit financial flows.

He said the sanctions by the U.S. Department of the Treasury’s Office of Foreign Assets Control highlighted the need for vigilance.

The ABCON president said all financial sectors, including foreign exchange operators, must strengthen controls against illegal activities.

“The overwhelming majority of licensed BDC operators comply with Nigerian laws and regulatory requirements,” he said.

He added that operators were committed to maintaining high standards of transparency and accountability across the sector.

Gwadabe said ABCON was working with regulators and security agencies to improve anti-money laundering measures.

He listed the Central Bank of Nigeria, Nigerian Financial Intelligence Unit and law enforcement agencies as key partners.

According to him, ABCON was strengthening counter-terrorism financing frameworks through increased collaboration with stakeholders.

He said initiatives included improved Know-Your-Customer procedures and stronger sanctions screening mechanisms.

Gwadabe also mentioned suspicious transaction reporting and automated compliance systems among the sector’s key measures.

He said staff training and closer regulatory cooperation remained essential in tackling financial crimes.

The ABCON president encouraged industry self-regulation and reaffirmed zero tolerance for illicit financial transactions.

“ABCON remains committed to preserving the integrity, transparency and credibility of Nigeria’s foreign exchange market,” he said.

He said the association supported lawful efforts to identify, investigate and sanction terrorism financiers.

“We support all lawful efforts to identify, investigate and sanction any individual involved in terrorism financing,” Gwadabe stated.

He added that the BDC sector must not become a channel for illegal financial activities.

The association pledged continued cooperation with regulators, security agencies and international partners.

Gwadabe said the move would protect compliant operators while supporting global anti-money laundering standards.

He noted that the position reflected the industry’s commitment to maintaining confidence in Nigeria’s forex market. (NAN)

Update news