The Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, has stated that some "fraudsters in banks are laundering public funds for corrupt politicians and terrorists".

Magu expressed this during a meeting with compliance officers of different banks in Port Harcourt, the Rivers State capital, yesterday.

With respect to him, apart from colluding with the corrupt politicians and "terrorists", the banks also help Internet fraudsters commit financial crimes using money transfer services.

"The banks also help the politically exposed persons to steal and launder public funds.

"Money is being laundered and money is being used to fund terrorism in the country. There are more terrorist activities in this country. So, it is a good business for them.

"You will also agree with me that the banks give lifelines to internet fraudsters; the one we call Yahoo boys.

"They (banks) provide market for them through MoneyGram and Western Union that are readily available.

"They throw confidentiality to the wind and subject people’s accounts to a lot of intimidation and extortion.

"So, this is the reason we say we must come here. We have to talk. Unfortunately, we have fraudsters working in the banks; working right inside the banks," he said.

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