THE SETTING UP OF ECONOMIC AND FINANCIAL CRIMES COMMISSION (E.F.C.C.)



PRE-E.F.C.C. DEBATE
       The debate that preceded the setting up of E. F. C. C. is not enormous. But then, it suffices to know that the Obasanjo regime came up with the idea of a Commission to be prevent, investigate, prosecute and penalize offenders and was to be charged with the responsibility of enforcing the provisions of other laws and regulations relating to economic and financial crimes.

In lieu of the above, there were debates on the applicable laws for the Commission which later on gave birth to Economic and Financial Crimes Establishment Act. the money laundering prohibition Act, the failed banks recovery of debts and financial Malpractices in Banks Act, the Banks and other Financial Institutions Act, and miscellaneous Offences Act.

Also, there was another debate on the issue of accountability. To whom was the Commission supposed to be accountable to? This was resolved by the Commission to make its report to the National Assembly.
   
The Commission before inception was also questioned on the possibilities of selective justice. But then, the motto of the Commission which is “nobody is above the law’ posed an answer to that question.

Also, there was another debate on what happens to the monies and properties recovered from criminals. But the, the F.E.C.C. Act stipulates that all monies and properties recovered by the Commission are returned directly to the victims of the crime, be they individuals, corporate bodies or foreign entities. If the victim is the Federal Government, the proceeds go into the federation account and if the victims are State or Local Governments, the proceeds go into their respective treasures.
Share on Google Plus

Declaimer - MARTINS LIBRARY

The publications and/or documents on this website are provided for general information purposes only. Your use of any of these sample documents is subjected to your own decision NB: Join our Social Media Network on Google Plus | Facebook | Twitter | Linkedin

READ RECENT UPDATES HERE