The Economic and Financial Crimes Commission says it is shifting from reacting to financial crimes after they occur to preventing them through early detection and swift asset freezing.
EFCC Chairman, Ola Olukoyede, disclosed this on Monday in Abuja at a media interactive session marking his third year in office.
He said the commission had established the Fraud Risk Assessment and Control Department to monitor suspicious financial transactions and act within 72 hours.
Olukoyede said the EFCC was particularly concerned about public funds being moved into cryptocurrency wallets shortly after being stolen, making recovery more difficult.
He cited cases where funds were transferred from local government accounts to companies and subsequently moved into crypto wallets.
According to him, about 40 virtual asset platforms have been licensed in Nigeria, giving the commission greater capacity to trace registered cryptocurrency wallets.
The EFCC chairman also disclosed that a national confiscation wallet had been created, with presidential approval, to hold seized virtual assets.
Olukoyede said the commission was using civil asset forfeiture provisions under the Advance Fee Fraud Act to recover suspected proceeds of crime without waiting for lengthy criminal trials.
He explained that under the process, action can be taken directly against an asset, while anyone claiming ownership must explain the source of the funds used to acquire it.
The EFCC boss said the commission had also established a Process and Proceeds Management Directorate to oversee forfeited assets, while professionals are appointed to manage properties and other assets in their respective fields.
He called for stronger policies and institutional reforms to prevent financial leakages, stressing that law enforcement alone cannot win the fight against corruption.
Comments
Add a comment