BACKGROUND OF THE STUDY
The
truism for all money laundering and financial crimes is the fact that the
people who commit he heinous crime are in the habit of disguising their
ill-gotten money. Hence, whether that of the drug trafficker, blackmailer or
credit card swindler, money laundering and financial crimes generally involves
a series of transactions used to disguise the source of financial assets so
that those assets may be used without compromising the criminals who are
seeking to use the funds.1
The
economic and financial crimes commission has its motto. No one is above the
law,3 and has made a conscious effort since its inception to be a
champion of the rule of law with over two hundred convictions obtained through
regular judicial process.
Besides,
the commission realizes that its authority derives from the constitution and the
E.F.C.C. Establishment Act.5 Hence, all its action, includiory
investigation activities are carried out strictly within the ambits of the
constitution of the federal republic of Nigeria.6 And the E.F.C.C.
Act7. In the occasional event of temporary denial of liberty to some
suspects, the E.F.C.C. strictly ensures that this is supported only by the
powers of the court8.
Financial
crimes or organized financial crimes are assuming an increasing significant
role that threatens the safety and security of people, states and democratic
institutions.9 The classic model of financial deceit for which
Nigeria has since become famous is the advance fee fraud popularly known as 41910.
This is a financial scheming which provides the easiest way one can get rich
without working.
STATEMENT OF THE PROBLEM
This
research is basically to examine how effective the economic and financial crime
commission has been in the fight against financial crimes in Nigeria.
RESEARCH QUESTIONS
In
this research the following research questions will arise:
(i)
What are the
objectives of the economic and financial crime commission
(ii)
How far has this
commission (E.F.C.C.) gone in achieving its objectives
(iii)
How well this
commission does relates with other law enforcement agencies.
OBJECTIVES OF THE STUDY
The
objectives of this research topic are:
(i) Examine the
activities of the E.F.C.C. with a view of assessing its efficacy in the area of
economic and financial crimes
(ii)
What are the
objectives of the E.F.C.C.?
(iii)
Examine the
activities of the E.F.C.C. in relation to other law enforcement agencies.
METHODOLOGY
This
research topic will employ as its mythology primary and secondary sources;
there will also be reliance on internet sources.
REFERENCE
At
the conclusion of this research, the activities of the E.F.C.C. as it boarders
on criminal activities of financial fraudsters would be more apparent them
even. Again the mode of the E.F.F.C. in discharging its duties will be better
appreciated.
SCOPE OF THE STUDY
These
researches basically examine the activities of the E.F.C.C. in respect of the
economic and financial crimes in Nigeria. Allied matters such as money
laundering, corruption in Nigeria will also come within the ambit of this work.
LIMITATION OF STUDY
Quite some factors hamper this work. Chiefly among
them is fund; again incessant power outage did not help matter.