No
doubt, Nigeria law has been amended so that the High Courts can designate
special judges to handle E.F.C.C. cases. Thus, so far judges have delivered the 150 plus convictions.It is bvious that corruption is the cause of
the horrible history of failure of leadership and failure of governance in the
developing world. Tackling corruption and crimes would be the fastest way to
address problems.
In
this long essay work, I recommend that – The Commission’s success has been in
part because it does the work of investigation and prosecution, unlike in Kenya
or Ghana, where prosecutors are part of a government cadre and the
Attorney-General could be a political appointee with no incentive to take on
his matters. Hence, the Commission should be straight jacketed. I
have seen multinationals and big oil companies play by the rules elsewhere, but
behaving badly in Nigeria and Africa because of our collapsed systems. We
ourselves have to insist on the rule of law and order. I
also recommend that we need training, equipment, and exposure for the
Commission’s staff so as to meet up global standard.
CONCLUSION
There are many unresolved problems in Nigeria, but the
issue of the upsurge of corruption is troubling, and the damages it has done to
the policy are astronomical. The menace of corruption leads to slow movement of
files in offices, police extortion at tollgates, slow traffics on the highways,
port congestion, queues at passport offices, gas stations, ghost workers
syndrome, election irregularities among others. The effects of corruption on a Nations
socio-political and economic development are myriad.
In this long essay work, it is
corruption that has given birth to money laundering and all sorts of financial
crimes. Money laundering and other financial crimes may have taken a great
toll. But then it is sufficient to say that the creation of the E.F.C.C. has
given a great relief. A vivid example at the door step, is the current
investigation of the former Governor of Enugu State, Dr. Chimaroke Nnamani.
Originally, the E.F.C.C.
anti-corruption strategy focuses on three intertwined essential factors:
prevention, law enforcement and public support. it happened that prevention led
to a gradual reduction of opportunity for corruption practices though without
regard to the legal framework and procedures that are set in ways that respect
the principles of good governance particularly as they relate to the management
of public funds and the delivery of public services.
Using the E.F.C.C. as a case study,
it is vital to note that money laundering and other financial crimes which are
a menace in the society are under a good check.
Laundering
Prohibition Act. The function of crime detection and prevention by
the E.F.C.C. is listed in part 1 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.
Arousing
awareness among employees of financial institutions.
ix.
Mandatory
disclosure by financial institutions.
x.
Surveillance of
bank accounts.
xi.
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-No person or body corporate shall, except in a transaction
through a financial institution, make or accept cash payment of a sum
exceeding;
(a)
N500,000 or its
equivalent, in the case of an individual;
(b)
N2,000,000 or its
equivalent in the case of a body corporate.
In terms of crime detection, the Act made provision
for special surveillance certain transactions. The Actprovides
that-
(1) When a transaction or suspicious
transaction, whether or not it relates to the proceeds of a crime or an illegal
act;
(a) Involves a frequency which is
unjustifiable or unreasonable;
(b) Is surrounded by conditions of unusual or
unjustified complexity or;
(c) Appears to have no economic justification
or lawful objective. The financial institution or designation non-financial
institution involved in such transaction shall seek information from the
customer as to the origin and destination of the funds, the aim of the
transaction, and the identity of the beneficiary.
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