AMENDING THE E.F.C.C ACT AND THE REVIEW OF E.F.C.C INVOLVING MONEY LAUNDERING

The E.F.C.C. Establishment Act, may not have served a long term. But the Act could still be amended on its ‘achilles hills”. The Act has three sections

       (i)              part 1 – prohibition of money laundering

(ii)                         part 2 – offences

(iii)                       part 3 – Miscellaneous.

The Act is not ridden with much weaknesses. But then the Act guarantees the tenure of a member of the Commission against arbitrary removal. It is submitted that nothing is sacrosanct about sub section 2 of  the section vis-à-vis the power of the President of Nigeria to remove any member of that Commission for reasons or no reasons at all. I humbly submit that this section should be re-visited.

The E.F.C.C. Act does not also make provisions for a clear demarcation of duties with other sister Commissions like the N.A.F.D.A.C. and N.D.L.E.A. There should also be an amendment as to its relationship with the Police. Considering the E.F.C.C. and money laundering, the provision provided in Sections 1-3 that encompasses money laundering should be re-visited. Section 3 which makes provisions for the identification of customers is rather cumbersome.

On the other hand, the Act provisions as per money laundering activities has been awesome. Its provision in section1 on the limitation to make or accept cash payment has really paid off. The Commission has followed strictly its provision of section 2(1) which makes provision for the duty to report international transfer of funds and securities.