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Dana Air, Wema Bank faces a problem for violating Nigeria’s money laundering Act

Dana Air, the owner of the Sri Sai Vandana Foundation, a Non-Governmental Organization (NGO) and Wema Bank Nigeria, are at risk of being prosecuted for donation aboard the airline collected between 2014 and 2018 allegedly without following due process.

Dana had started the foundation in 1995 and launched the donation in association with the Sickle Cell Foundation of Nigeria. But after the fatal crash in Lagos in 2012, it allegedly ceased the collaboration and solely ran the inflight donations.

The ICIR reports that the foundation between January 2014 and October 2018, received in millions of nairas through the Wema Bank account number 0121291839 allegedly without due registration in the Corporate Affairs Committee (CAC), a prerequisite to meet With the Special Control Unit against Money Laundering (SCUML) regulations.

Following the Money Laundering Prohibition Law, it is mandatory that all Designated Non-Financial Institutions, DNFI, register with SCUML to legally operate in Nigeria.

SCUML has the responsibility of monitoring, supervising, and regulating the activities of DNFIs, which includes NGOs. The Unit works in collaboration with the EFCC for the application of the provisions of the law against money laundering through the prosecution of non-compliant DNFIs.

Contravening the SCUML guidelines has some specific penalties, including the “suspension or revocation of the license, fines or imprisonment or both,” following Sections 15 to 17 of the Prohibition of Money Laundering (Prohibition) Act of 2011 ( as amended).

A maximum of 14 years in jail is stipulated for an individual, but, in the case of a corporate organization, the law says that such organization would pay “a fine of not less than 100 percent of the funds and property acquired as a result of the crime. “. committed “and his license would also be withdrawn