The Economic and Financial Crimes Commission (EFCC) is a body that was established to identify, investigate and control economic and financial crimes which include money laundering, financial malpractices in banks, miscellaneous offences and other fraud related offences.
EFCC’ History and Mission
In 2003, Nigeria was listed as one of the 23 non cooperative countries in the efforts of the international community to fight money laundering by the Financial Action Task Force on Money Laundering (FATF). The level of economic and financial crimes in the country was getting out of hand, so the commission was established. This took effect during the regime of the former president Olusegun Obasanjo as it coincided with the promulgation of the EFCC (Establishment) Act in 2004. This Act prompted the EFCC to tackle financial and economic crimes in the country.
The major role of EFCC is to enforce discipline and control over economic crimes, regulations relating to economic and financial crime. Most of these crimes are;
- The Money Laundering Act 1995
- The Money Laundering (Prohibition) Act 1995
- The Advance Fee Fraud and other fraud related offences act 1995
- The Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Act 1994
- The Banks and other Financial Institutions Act 1991 and
- The Miscellaneous Offences Act
Just like the EFCC’s motto says, “We Will Get You”, the commission is to poised to defend their motto and their mission statement which is to rid Nigeria of Economic and Financial Crimes and to effectively coordinate the domestic effort of the global fight against money laundering and terrorists financing.
EFCC Office Address in Lagos
EFCC has it’s offices spread all over the country though it’s head office is in Abuja. For questions, inquiries and more information, locate The EFCC Office address in Lagos at 15A, Awolowo Road, Ikoyi, Lagos.
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