The Special Control Unit against Money Laundering (SCUML) has charged precious metals and stones dealers to strictly comply with anti-money laundering and counter-terrorism financing regulations.

The warning was issued on Thursday, October 23, 2025, in Sokoto by ACE1 Ahmadu Bello, Sokoto Zonal Coordinator of SCUML and Assistant Commander of the EFCC.

Bello addressed participants from Zamfara, Kebbi, and Sokoto states at a capacity-building workshop co-organised with the German Agency for International Cooperation (GIZ).

The event focused on the Anti-Money Laundering/Countering Financing of Terrorism (AML/CFT) regime and the roles of Designated Non-Financial Institutions and Businesses and Professions (DNFBPs) under the Money Laundering (Prevention and Prohibition) Act, 2022.

In his paper, “Money Laundering Vulnerabilities in the DNFBPS Sector”, Bello highlighted the significant risk associated with the trade.

He noted that “dealers in Precious Metals and Stones (DPMS) have a unique risk profile with regard to money laundering and terrorism financing because they trade in transferable items of value.”

The Zonal Coordinator urged dealers to operate within the law, citing the rampant issues of illicit mining, trafficking, and smuggling in the zone.

He stressed that “illegal gold mining has been identified as one of the underlying drivers of conflict in the North, especially in Zamfara and recently Niger states.”

Bello reminded the dealers of their core obligations, including:

Establishing internal policies, procedures, and control.

Implementing customers due diligence proportionate to identified risk.

Rendering Cash Transaction Reports (CTRs) to SCUML.

The workshop also covered the objectives of the Money Laundering Act, its offences and penalties, SCUML’s functions, limitations on cash payments, and suspicious transaction reporting.