E.F.C.C FUNCTION - FINANCIAL CRIME DETECTION AND PREVENTION



Money Laundering
The Economic and Financial Crime Commission has as one of its major functions, - crime detection and prevention. Nuhu Ribadu, one time executive chairman of the commission said thus, “the Commission was created as a response to both the blacklisting of Nigeria by the financial action task force and the over whelming need of the leadership to change the negative image of the country within the international Community. He revealed that though the challenges were enormous, the country took the advantage and went to work coming out with the enabling laws setting up the Commission. The E.F.C.C.


Helmsmen said that prior to the Commission’s creation, the Civil Society, the Media, and other groups all tried to change the situation to no avail. The Commission’s power of law enforcement he revealed changed the whole scenario leading to over 200 convictions, in a country that never one before. The function of the E.F.C.C. as to crime detection and prevention are couched on money laundering and therefore the Act regulating the E.F.C.C. is termed money Laundering Prohibition Act. The function of crime detection and prevention by the E.F.C.C. is listed in part one of the Act as follows-

i.              Limitation to make or accept cash payment
ii.           Duty to report international transfer of funds and securities
iii.         Identification of customers
iv.         Duties incumbent upon casino
v.            Occasional cash transaction by designated non-financial institutions.
vi.         Special surveillance on certain transactions.
vii.       Preservation of records.
viii.    Communication of information
ix.         Arousing awareness among employees of financial institutions
x.            Mandatory disclosure by financial institutions
xi.         Surveillance of bank accounts
xii.       Determination of the flow of transactions etcetera.

The Act gives a provision for the prohibition of money laundering in part 1 section 3, it provides.
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