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.