Get the free Economic and Financial Crimes Commission (Establishment, Etc.) Act

This document establishes the Economic and Financial Crimes Commission in Nigeria, detailing its functions, structures, powers, and penalties related to economic and financial crimes.

How to fill out economic and financial crimes

How to fill out Economic and Financial Crimes Commission (Establishment, Etc.) Act

1. Obtain the official copy of the Economic and Financial Crimes Commission (Establishment, Etc.) Act.
2. Read through the act thoroughly to understand its provisions and requirements.
3. Identify the specific section or sections relevant to your purpose for filling out any associated forms.
4. Gather all necessary documents and information required by the act.
5. Complete any forms that are needed accurately, ensuring all required fields are filled out correctly.
6. Submit the forms and required documentation to the designated authority.
7. Keep a copy of your submission for your records.

Who needs Economic and Financial Crimes Commission (Establishment, Etc.) Act?

1. Government agencies involved in financial regulation and oversight.
2. Law enforcement authorities addressing economic and financial crimes.
3. Legal professionals and organizations dealing with compliance and regulatory matters.
4. Individuals and businesses that must report financial activities to the commission.
5. International organizations working on anti-corruption and financial crime issues.

People Also Ask about

What is the difference between economic crime and financial crime?

Economic crime, also known as financial crime, refers to illegal acts committed by an individual or a group of individuals to obtain a financial or professional advantage.

How much is the EFCC salary in Nigeria?

The average salary of an EFCC officer is ₦234,250. This amount is considerably higher than other government agencies in Nigeria.

What are the duties of ICPC and EFCC?

While the ICPC targets corruption in the public sector, especially bribery, gratification, graft, and abuse or misuse of office, the EFCC investigates people in all sectors who appear to be living above their means, and is empowered to investigate and prosecute money laundering and other financial crimes.

What is the role of the EFCC?

The EFCC investigates and prosecutes all forms of economic and financial crimes cases.

What is the full meaning of EFCC and ICPC?

His administration established the Independent Corrupt Practices and Other Related Offences Commission (ICPC) in 2000 and subsequently the Economic and Financial Crimes Commission (EFCC) in 2004.

Who brought EFCC to Nigeria?

The Economic and Financial Crimes Commission, EFCC, was established by an Act of the National Assembly on 12th December, 2002 by the administration of President Olusegun Obasanjo.

When did EFCC started in Nigeria?

The EFCC was established in 2003, partially in response to pressure from the Financial Action Task Force on Money Laundering (FATF), which named Nigeria as one of 23 countries non-cooperative in the international community's efforts to fight money laundering. The agency has its head office in Abuja, Nigeria.

What is the mission of the EFCC?

A Nigeria free of economic and financial crimes. To eradicate economic and financial crimes through prevention, enforcement and coordination. The core values of the EFCC are Integrity, Professionalism, Courage, and Collaboration.

What is the role of the financial crimes Enforcement Network?

On 16 February 2021 Abdulrasheed Bawa was nominated as substantive chairman of EFCC by President Muhammad Buhari. The current chairman of EFCC is Ola Olukoyede, appointed by President Bola Tinubu on 12 October 2023.

What are the structures of EFCC in Nigeria?

EFCC consists of an Executive Board (EB) and five Committees (C) which carry out their tasks via Working Groups (WG). The Board has management responsibility for all aspects of the work of EFCC and works towards the fulfilment of all the goals of EFCC expressed in the Statutes and in the Strategic Plan.

For pdfFiller’s FAQs

What is Economic and Financial Crimes Commission (Establishment, Etc.) Act?

The Economic and Financial Crimes Commission (Establishment, Etc.) Act is a legislative framework established to create the Economic and Financial Crimes Commission (EFCC) in Nigeria. It outlines the functions, powers, and operational procedures of the EFCC in combating economic and financial crimes such as money laundering, fraud, and corruption.

Who is required to file Economic and Financial Crimes Commission (Establishment, Etc.) Act?

Entities and individuals involved in financial transactions, businesses, and certain professions that are vulnerable to money laundering and fraud, such as banks, financial institutions, and companies in specific sectors, may be required to file reports under the Economic and Financial Crimes Commission (Establishment, Etc.) Act.

How to fill out Economic and Financial Crimes Commission (Establishment, Etc.) Act?

To fill out documentation under the Economic and Financial Crimes Commission (Establishment, Etc.) Act, stakeholders should follow the guidelines provided by the EFCC, accurately report relevant financial transactions, and provide necessary personal or business details in prescribed formats. It may involve submitting forms available from the EFCC's official channels.

What is the purpose of Economic and Financial Crimes Commission (Establishment, Etc.) Act?

The purpose of the Economic and Financial Crimes Commission (Establishment, Etc.) Act is to establish a regulatory body to prevent and combat economic and financial crimes, enhance law enforcement capabilities, promote transparency and accountability, and uphold the integrity of Nigeria's financial systems.

What information must be reported on Economic and Financial Crimes Commission (Establishment, Etc.) Act?

Information that must be reported under the Economic and Financial Crimes Commission (Establishment, Etc.) Act includes details of financial transactions, potential suspicious activities, identification of parties involved in transactions, and any other relevant data as required by the EFCC to monitor and investigate financial crimes.