How EFCC carry out investigation? EFCC is an acronym for Economic and Financial Crimes Commission. The Commission is charged with the responsibility of enforcing all economic and financial crimes laws in Nigeria.
Nigeria Free Of Economic and Financial Crimes. is to Eradicate Economic And Financial Crimes Through Prevention, Enforcement And Coordination.
By Section 7(2) of the Establishment Act 2004; EFCC is charged with the responsibility of enforcing the provisions of laws relating to economic and financial crimes, including:
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- The Money Laundering (Amendment) Act 2004 and 2011 as amended
- The Advance Fee Fraud and Other Fraud Related Offences Act, 2006
- The Corrupt Practices and Other Related Offences Act, 2000 (ICPC Act, 2000)
- The Failed Banks (Recovery of Debts) and Financial Malpractices Banks Act, 1994
- The Banks and other Financial Institutions Act 1991; and
- Miscellaneous Offences Act, 1985;
- Terrorism (Prevention) Act, 2011 and 2013, as amended
- Any other law relating to economic and financial crimes including the criminal code and the penal code
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They’re also responsible to fight economic crime. An economic crime is an act of sabotage that affects the economy of a state or nation. For example, pipeline vandalism, illegal oil bunkering, tax evasion, etc.
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How Does EFCC Carry Out Investigation
The Commission has powers under Section 13(2) of the EFCC Act to prosecute offences so long as they are financial crimes.”
The process of how EFCC carry out investigation is vested on the available evidence. The primary tools that EFCC have when investigating financial crimes are interviews or interrogations and collecting physical evidence. They then use the information that they have collected to piece together a possible scenario as to what happened that the collected evidence will support.
Through EFCC investigation, Financial crimes may be traceable to some of the enumerated aspects of corruption, e.g., embezzlement, theft from public funds, abuse of discretion and abuse of public power for extortion.
Upon obtaining an order of court, the EFCC instructs a bank to PND the account of a customer who is under investigation for financial crimes or money laundering offences in order to protect evidence that may aid prosecution. Post No Deposit ()is a restriction on an account which stops an account holder from carrying out debit card transactions, money transfer out of the account, and check transactions.
Aims and Objectives of EFCC
The Aims and Objectives of EFCC is to combat economic and financial crimes, thereby enabling the Commission to prevent, investigate, prosecute and penalize economic and financial crimes.
In order to sanitize the system, the agency is also charged with the responsibility of executing the provisions of other laws and regulations that are related to economic and financial crimes.
EFCC is the coordinating agency for the enforcement of the provisions of any other law or regulation on economic and financial crimes, including the Criminal Code and Penal Code.
As the ICPC targets corruption in the public sector, especially bribery, gratification, graft, and abuse or misuse of office, the EFCC investigates people in all sectors who appear to be living above their means, and is empowered to investigate and prosecute money laundering and other financial crimes.
