The
E.F.C.C. Establishment Act, may not have served a long term. But the Act could
still be amended on its ‘achilles hills”. The Act has three sections
(i) part 1 –
prohibition of money laundering
(ii)
part 2 – offences
(iii)
part 3 –
Miscellaneous.
The Act is not ridden with much weaknesses. But then
the Act guarantees the tenure of a member of the Commission
against arbitrary removal. It is submitted that nothing is sacrosanct about sub
section 2 of the section vis-Ã -vis the
power of the President of Nigeria to remove any member of that
Commission for reasons or no reasons at all. I humbly submit that this section
should be re-visited.
The E.F.C.C. Act does not also make provisions for a
clear demarcation of duties with other sister Commissions like the N.A.F.D.A.C.
and N.D.L.E.A. There should also be an amendment as to its relationship with
the Police. Considering the E.F.C.C. and money laundering, the provision
provided in Sections 1-3 that encompasses money laundering should
be re-visited. Section 3 which makes provisions for the identification
of customers is rather cumbersome.
On the other hand, the Act
provisions as per money laundering activities has been awesome. Its provision
in section1 on the limitation to make or accept cash payment has
really paid off. The Commission has followed strictly its provision of section
2(1) which makes provision for the duty to report international
transfer of funds and securities.