The Economic and Financial Crimes Commission (EFCC) has clarified that having a Special Control Unit against Money Laundering (SCUML) certificate does not necessarily imply clearance to lawfully operate in Nigeria or regulatory approval for online businesses.

This statement comes amid the collapse of the CBEX cryptocurrency investment scheme, which was reportedly operating under the corporate identity of ST Technologies International Ltd.

The EFCC, in a statement yesterday, noted that while ST Technologies is registered with SCUML, the certification gives a company a clean slate from money laundering, however, it will empower the EFCC to monitor and supervise the financial activities of such a company.

The anti-graft agency has however vowed to recover lost investments and ensure justice for victims of the CBEX scam.

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