Regulatory Alerts2019-08-01
Economic and Financial Crimes Commission (Establishment) Act, 2004
The National Assembly of Nigeria enacted this legislation to establish the Economic and Financial Crimes Commission (EFCC) as the nation's designated Financial Intelligence Unit, consolidating its mandate to investigate and enforce all economic and financial crimes laws. The Act outlines the Commission's multi-agency composition, operational units, and broad statutory powers to freeze assets, conduct lifestyle audits, and prosecute offenders while mandating inter-agency coordination. It further defines specific offenses related to money laundering, terrorism financing, and financial malpractices, prescribing corresponding imprisonment terms, fines, and Federal High Court jurisdiction to ensure rigorous enforcement.
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