Date Published: 09/08/11

EFCC seels review of Money Laundering Act

The Economic and Financial Crimes Commission on Thursday called on the National Assembly to review the Money Laundering (Prohibition) Act 2010 to strengthen the crusade against corruption.

It also lamented that law enforcement and anti-corruption agencies were not making adequate use of information from the Nigerian Financial Intelligence Unit in investigating and prosecuting suspects.

The EFCC, in a statement by its Head, Media and Publicity, Mr. Femi Babafemi, also suggested a centralised National Database of all GSM Sim card subscribers and telecommunication modems to be domiciled in the National Identity Management Commission.

The statement was issued at the end of a seminar on terrorism and economic crimes with the theme, ‘National Development: The Challenges of Global Economic Crimes.’

According to the commission, a review of the money laundering Act and a centralised database of GSM subscribers, will aid the jobs of anti-graft commissions and reduce crimes in the country.

It said the National Assembly should also urgently enact the Whistleblower Protection Law to guarantee the safety of whistleblowers and encourage effective reportage of incidences of corruption and other economic crimes.

The commission said, “The government must correspondingly perform its constitutional duty of utilizing public funds in a prudent and efficient manner to provide goods and services in order to make life more meaningful for the citizenry.

“A comprehensive cyber crime and critical infrastructure law in Nigeria should be enacted to provide for effective monitoring and investigation of cyber crime,

“Law enforcement agencies in Nigeria should leverage the vast financial intelligence domiciled within the Nigerian Financial Intelligence Unit in the fight against economic and financial crimes and terrorism financing.

“All critical stakeholders in the Nigeria project should as a matter of urgency publicize and collaborate to ensure the utilization of the Freedom of Information Act as a potent instrument for the advancement of the cause of the war against corruption and economic crime.”

The EFCC observed that the delay in the trial of corruption cases was creating doubts in the minds of the public.