A witness has testified before a Federal High Court in Abuja, linking executives of Suntrust Bank to suspicious cash-based foreign exchange transactions. The witness, who is a staff member of the Special Control Unit Against Money Laundering, SCUML, made the revelation while testifying in the ongoing trial of Aisha Abubakar, a former staff member of the bank.
According to the witness, the bank’s executives were involved in a series of suspicious transactions, including cash deposits and withdrawals of large sums of money. The witness claimed that the transactions were not in line with the bank’s normal business practices and were designed to facilitate money laundering.
The witness further testified that the bank’s executives had failed to comply with the relevant laws and regulations governing foreign exchange transactions. They allegedly failed to report the suspicious transactions to the relevant authorities and did not maintain proper records of the transactions.
Aisha Abubakar, the former staff member of the bank, is standing trial alongside a company, One Plus Holdings Limited, on charges of money laundering and other financial crimes. The prosecution alleged that the defendants had engaged in a series of suspicious transactions, including the purchase of foreign currencies, without complying with the relevant laws and regulations.
The witness’s testimony has added weight to the prosecution’s case, and the court has adjourned the matter to allow the defense to cross-examine the witness. The case has significant implications for the financial sector, highlighting the need for banks and other financial institutions to comply with anti-money laundering laws and regulations.
The Economic and Financial Crimes Commission, EFCC, has been investigating the bank and its executives over allegations of financial impropriety. The commission has been working to ensure that financial institutions operate within the law and that perpetrators of financial crimes are brought to justice.
The case is ongoing, and the court will continue to hear evidence from both the prosecution and the defense. If convicted, the defendants could face significant penalties, including imprisonment and fines.
