economic and financial crime commission

ROLES OF ECONOMIC AND FINANCIAL CRIME COMMISSION -EFCC, Meaning of EFCC: The Economic and Financial Crimes Commissio (EFCC) is a Nigeria law enforcement agency that investigates financial crimes such as advance fee fraud (419fraud) and money laundering.

The economic and financial crimes commissions economic and financial crime commission EFCC was established in the year 2003, partially in response to pressure from the Financial Action Task Force on money laundering (FATF), which named Nigeria as one of 23 countries non-cooperative in the international community’s efforts to fight money laundering the agency has its head office in Abuja at economic and financial crime commission

Roles of EFCC economic and financial crime commission in Nigeria

  1. Sanitation of banks: This was premised on the understanding that banking and financial institutions are the platform for laundering and the platform for laundering and the flight of ill-gotten wealth.
  2. Aggressive investigation and prosecution of cases of tax evasion: Under section of 47, of the Act establishing the Commission, tax evasion is an economic rime and there was the need to break any nexus it may have with money laundering
  3. Fight cyber crime and the courage of Advance Fee Fraud using smart technology
  4. Actively implement the 40 plus 9 recommendations of the Financial Action Task Force
  5. Initiate legislative intervention in key areas that will aid the anti-corruption fight which is the economic and financial crime commission

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