The Economic and Financial Crimes Commission (EFCC) is one of Nigeria’s leading institutions which was established for the purpose of preventing economic and financial crimes which adversely affect the economy and governance in the country.
The Commission came into fruition in 2003 and it is governed by the EFCC Establishment Act 2002 which provides for the investigation and prosecution of crimes including but not limited to money laundering and other related economic crimes which endanger the nation’s security and the global economy at large.
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5 Main Functions of the EFCC
The functions of the Commission are far-reaching and aimed at curbing all forms of financial mismanagement prevalent in Nigeria. Below are its primary functions:
1. Financial Crime Investigations
The EFCC is mandated to carry out examinations on all forms of economic and financial crimes including but not limited to the abuse of monetary systems, corruption in the government, theft of funds, and cyber crime also referred to as “Yahoo Yahoo.”
Employing advanced techniques in intelligence gathering with the aid of forensic tools, the agency places emphasis on detailed investigative work.
Their objective is to identify and as well deal with fraudsters and fraudster organizations; ensuring that everyone is accountable to the law. The commission plays a significant role in detecting and combating money laundering networks.
With the transfer of illegal funds both domestically and internationally, the EFCC works in conjunction with financial institutions and foreign agencies to trace and freeze assets associated with money laundering operations.
Investigations into such crimes may encompass sophisticated layers of transactions and shadow businesses, but the EFCC has the capacity to track the trail.
2. Prosecution of Offenders
Following its investigations, the EFCC prosecutes individuals and organizations involved in financial crimes. The addition of the judicial sector is to ensure that all suspected criminals are tried in courts of law and justice is executed.
The EFCC has, since its inception in Nigeria, been able to obtain a number of convictions which has earned the organization a great reputation in the fight against corruption in Nigeria today.
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3. Asset Recovery
One of the EFCC’s critical roles is the recovery of assets acquired illegally. The commission is also mandated to trace and freeze illegally acquired assets and properties.
Over the years, the EFCC has been able to recover billions of naira in looted funds, assets, and sundry, which it repatriates to the country or to their rightful owners.
This role reinforces the ideology of the agency that crime should not be rewarding and that the criminal should not be allowed to enjoy the benefits of his illegal activities.
4. Public Awareness and Education
Apart from enforcement and prosecution, the Education of the Public is also one of the active responsibilities of the EFCC. The commission engages in public awareness campaigns to warn the public on the negative effects of corruption, fraud and related economic crimes.
Through workshops, seminars, media placement, and educational institutions, the activities of the EFCC aim at creating a permanent ethical change among citizens in the society.
These forms of education are understood as an integral part of the agenda of combating financial crimes in a systematic way within a long-term perspective.
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5. Collaboration with International Bodies
The majority of the crimes involving money such as laundering of proceeds of crime and money paid by using virtual currencies occur across borders and involve many countries.
Therefore, the EFCC seeks the assistance of foreign agencies to help combat this form of financial crime. The EFCC comes into contact with organizations such as INTERPOL, the FBI, and other police organizations to deal with the issues of global financial crime.
This is very important considering the fact that most of the proceeds from such crimes involve careful planning that involves geographic borders.
