Functions of EFCC as well as laws of which the commission has direct duties to enforce are listed in this article. We hope you find it helpful.
The rate at which a lot of persons were being duped for their hard-earned money in Nigeria got to an alarming rate.
Every day, individuals, corporate organizations, government parastatals, and a lot of other groups of individuals are robbed either physically or through cybercrimes and other technologically aided means.
Some of the financial crimes in Nigeria include; Advanced Fee Fraud (419), Money Laundering, etc. These financial crimes have had a negative effect on the economy of Nigeria as a country and even its reputation amongst international communities, it has even led to a decrease in foreign direct investments in the country. It is the increment in the rate of this financial crime that the Economic and
Financial Crimes Commission Establishment Act of 2002 was established and it, in turn, led to the birth and establishment of a commission called the Economic and Financial Crimes Commission (EFCC).
By virtue of its establishment, the commission has a very high level of support from the office of the President as well as his cabinet members, the Legislature, and other top and vital Security and Law enforcement agencies in the county to back its affairs.
The EFCC ACT which aided the establishment of the commission has given the commission the full poet to fight off crimes that affect the economy of the country.
Functions of Economic and Financial Crimes Commission (EFCC)
The commission is by virtue of the Act strengthened to avert, look into, charge to court, and punish and crime that relates to finances and the defrauding of the economy and it is also charged with the responsibility of enforcing the authority of other laws and regulations which relates to economic and financial crimes and these include:
- The Money Laundering Act of 1995.
- Economic and Financial Crimes Commission Establishment Act 2004.
- The Advance Fee Fraud and Other Fraud Related Offences Act 1995.
- The Money Laundering (Prohibition) Act 2004.
- The Failed Banks (Debts and Recovery) and Financial Malpractices in Banks Act 1994.
- The Bank and Other Financial Institutions Act 1991.
- Miscellaneous Offences Act.
The Commission has a department called the ‘Operation Department’ it is this department that acts as the center for all activities of investigation in the commission and it is solely responsible for investigating thoroughly all of the cases that fall within what the commission has been established to do.
Some of the cases include Breaches that are not in line with the authority of the act that created the commission; the EFCC ACT 2004 and also parts of other laws of which the commission has direct duties to ensure its enforcement and some of those laws include:
- Money Laundering Act of 2011.
- Advanced Fee Fraud and Other Related Offences Act. 2006.
- Failed Banks (Debts and Recovery) and Financial Malpractices in Banks Act 1996 The department of operation in the Economic and Financial Crimes Commission is made up of the following sections:
- Bank Fraud
- Economic Governance
- Counter-Terrorism and General Investigation
- Advance Fee Fraud
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The department of operation is headed by the Director of operations who submits directly to the Chairman of the Commission. All operation heads in all zonal offices of the commission report directly to the Director of Operations.