To be an effective and efficient Unit for the supervision and regulation of DNFBPs in Nigeria for AML/CFT compliance in line with international best practices.
SCUML was established by the Federal Government in September 2005 in compliance with the provisions of the Money Laundering (Prohibition) Act, 2004 which was subsequently repealed and amended to Money Laundering (Prohibition) Act 2011(as amended).SCUML was created as part of measures for the implementation of the Financial Action Task Force (FATF) Recommendations on Anti- Money Laundering/Combating the Financing of Terrorism (AML/CFT) in Nigeria. The FATF requires Countries to implement 40 Recommendations which are considered as international standard for combating money laundering and terrorist financing as well as the financing of the proliferation of weapons of mass destruction (WMD).
To protect the DNFBPs Sector in Nigeria from the threats of money laundering and the financing of terrorism and proliferation: thereby strengthening the integrity of the Nigerian financial system and contributing to the global fight against money laundering, terrorism financing and the financing of proliferation of weapons of Mass Destruction.
The FATF recommendations include amongst others the establishment of Legal and Institutional framework for the effective implementation of the AML/CFT measures in all Countries. This led to the enactment of the Money Laundering (Prohibition) Act, 2011 (as amended) and the Terrorism (Prevention) Act, 2011, (as amended) in Nigeria. SCUML was created under the Money Laundering (Prohibition), Act, 2011 (as amended) to implement specific sections of the Act in line with the FATF recommendations for the implementation of AML/CFT measures within the Designated Non- Financial Institutions (DNFIs) Sector in Nigeria. SCUML is statutorily under the Federal Ministry of Industry, Trade and Investment but operationally domiciled within the Economic and Financial Crimes Commission (EFCC) as the Commission drives the operational activities of the Unit in line with Sections 6(C) and 7(2) of the EFCC Establishment Act, 2004.