The AntiFinancial Crime Commissions Function in the Fight Against Financial Crime A Case Study of EFCC and ICPC

The Anti-Financial Crime Commission's Function in the Fight Against Financial Crime

Project / Seminar Material
Reference ID: PS-40-TM

DEDICATION

This research material titled “The Anti-Financial Crime Commission's Function in the Fight Against Financial Crime” is dedicated to God for his enabling grace, and to all computer enthusiasts who contributed to make life a pleasant experience during my research documentation.

ACKNOWLEDGEMENT

I extend my sincere gratitude to all those who contributed to the completion of this project. Special thanks to my Supervisor (Name of your Supervisor), the Head of Department (Name of your HOD), the Lecturers in the department of Accountancy / Accounting, Book Authors and Profound Scholars of existing or related project material on “The Anti-Financial Crime Commission's Function in the Fight Against Financial Crime” for their invaluable guidance, support, and expertise throughout the journey.

I am also grateful to your study area (mention any funding organizations, if applicable) for their financial assistance. This research would not have been possible without the encouragement and assistance of some stakeholders (mention any mentors, teachers, or colleagues). Additionally, I would like to acknowledge the understanding and patience of my family and friends during this endeavor. Your unwavering support has been a constant source of motivation. Thank you all for being part of this meaningful endeavor.

The Anti-Financial Crime Commission’s Function in the Fight Against Financial Crime (A Case Study of EFCC and ICPC)

TABLE OF CONTENTS

PRELIMINARY PAGES

CHAPTER ONE

  • 1.0 Introduction
  • 1.1 Background of the study
  • 1.2 Statement of the problem
  • 1.3 Objectives of the study
  • 1.4 Significance of the study
  • 1.5 Scope of the study
  • 1.6 Limitations of the study
  • 1.7 Assumptions of the study
  • 1.8 Definition of terms

CHAPTER TWO

  • 2.0 Literature review
  • 2.1 Nature of financial crimes
  • 2.2 Types of financial crime
  • 2.2.1 Money laundering
  • 2.2.2 Internet/cyber café crimes
  • 2.2.3 Across the counter frauds
  • 2.3 Causes of financial crimes
  • 2.4 Impact of financial crimes on the economy
  • 2.5 Reducing financial crimes, the role of various agencies of the economic and financial crime commission.
  • 2.5.1 Economic and financial crimes commission (EFCC)
  • 2.5.2 Independent Corrupt Practices and Other Related Offence Commission (ICPC)
  • 2.6 Achievement of EFCC

CHAPTER THREE

  • 3.0 Summary, conclusion and recommendations
  • 3.1 Summary
  • 3.2 Conclusion
  • 3.3 Recommendations
  • 3.4 Area for further studies

BIBLIOGRAPHY

ABSTRACT

The study was carried out to examine how an anti-graft body:The Economic and Financial Crime Commission (EFCC) has fared in reducing the incidence of corruption in Nigeria, in particular, bank fraud., internet scam and governance. It first discuses the corruption situation in Nigeria by highlighting public office holders who have been associated with corruption charges. Descriptive and chi-square analysis are used, and results reveal that the performance of the EFCC has been affected by government interference (p<.o05).

However, although the anti-graft body has not been able to reduce the incidence of bank fraud (P>.05) bad governance and advance fee fraud have recorded appreciable reduction (p<.05). areas of success as well as challenges that need to be addressed are identified. Specifically, it is recommended tat the bill that established EFCC should be amended to reduce government interference and improve its manpower development especially in the areas of fraud and internet scam detection.

The Anti-Financial Crime Commission’s Function in the Fight Against Financial Crime (A Case Study of EFCC and ICPC)

CHAPTER ONE

1.0 Introduction

This research has fared in reducing the incidence of corruption in Nigeria, in particular internet scam, bank fraud and bad governance. It first discuses the corruption situation in Nigeria by highlighting public office holders who have been associated with corruption charges. This was demonstrated by the establishment of two major anti-graft institution, the independent corrupt practices commission (ICPC) and the economic and financial crime commission.

This development in turn facilitate stiff completion, ineffective internal control system, weak corporate governance, malpractice, among others, thus further providing easy avenue for money laundering and other financial crimes, to use the financial system to achieve their various objectives. The government through its financial arrow head, the CBN increased its tempo against the fight of financial crimes. It does this by putting in place a series of anti-money laundering and combating financing of terrorism measures to plug loopholes so as to ensure the continued safety and soundness of the financial system and determine all forms of financial crimes in Nigeria.

1.1 Background Of The Study

In Nigeria, the upsurge in financial crimes could be party attributed to the liberalization of the financial sector in the late 1980’s, which the resulted in a phenomenal leap in the number and complexities of banks and non bank financial institutions.

This development in turn facilitates stiff competition, ineffective internal control system, Weak Corporation, governance, malpractice, among others, this further providing easy avenue for money laundering and other financial crimes, to use the financial system to achieve their various objectives. On the enthronement of democracy in Nigeria by may 29, 1999, under the leadership of president Olusegun Obasanjo, one cardinal programme of the Obasanjo administration is the fight against corruption and waste in the public service. This he demonstrated is the establishment of two major anti-graft institutions, the independent corrupt practices and other related offences) commission (ICPC) and the economic and financial crime commission (EFCC) in the year 2000 and 2003 respectively. The government through its financial arrow head, the CBN increased its tempo against the fight of financial crimes.

This it does by putting in place a series of anti-money laundering (AML) and combating financing of terrorism (CFT) measures to plug loopholes so as to ensure the continued safety and soundness of the financial system and determine all forms of financial crimes in Nigeria. (Adigun, 2005). The government target is zero tolerance for financial crimes and corruption. This is why it has pursued through promulgation of laws against graft such as independent commission practices (and other related offences) commission (ICVPC) Act, economic and financial crime commission (EFCC) Act, money laundering (prohibition) Act, 2004.

It has strengthened and keeps strengthening of anti- corruption and other economic crimes, institutions of due process mechanism in public sector procurement; Privatilization of failing public institution an creating and enabling environment for effective private, public sector partnerships, monthly publication of distributable revenue from federation account to the different tiers of government, institution fo transparencies in the oil and gas sector through the work of the extractive industries transparency initiatives (NEITI) among others.

1.2 Statement Of The Problem

Investigation revealed that the following are the statement of problems:

  1. Despite the struggle and move against financial crimes in Nigeria, there is still high incidence of financial crimes in the financial system.
  2. The anti-financial crime commission seems to be a political weapon against political opponents; hence a change in such government weakens the strength of the commission.
  3. There are individual who seems to be “untouchable” by the financial crime commission as a result of their political strength or affiliation with the chief boss in government.
  4. There is weak approach in tackling crime justly and fairly by the commission.

1.3 Purpose Of The Study

The purpose of this study is to look into the activities of the financial crime commission in Nigeria with respect to political affiliation.

It is also aimed at investigation the extent of success made so far by the EFCC and ICPC in their fight against corruption and financial crimes.

1.4 Significance Of The Study

The following are the relevance of this study:

  1. To help disclose the national for the birth of EFCC and ICPC in Nigeria.
  2. To be of importance to future researchers as a references guide to their work.
  3. To be relevant to the researcher because it is a necessary condition for her receiving the award of Higher National Diploma (HND) in the Banking and Finance.
  4. To be of relevance to any reader as it will help show the functions, objectives and relationship between EFCC and ICPC.
  5. To help look at the root cause of financial crimes in Nigeria and ways to fight it.

1.5 Scope Of The Study

The scope of this research work will be limited only to Nigeria that is the project work will not be extended to other countries of the world.

1.6 Limitation Of The Study

During the course of this study, many things militated against its completion, some of which are:

  1. Financial constraints on the part of the researcher to visit EFCC and ICPC office severally as required.
  2. Unwillingness of EFCC and ICPC officers to develop data of their prosecution.
  3. The restrictions at their respective officers from having interview with the necessary officers.
  4. The time allocated for this project and length of time required to be visiting the EFCC and ICPC officers are inversely related.

1.7 Assumption Of The Study

The following assumptions are made:

  1. The EFCC and ICPC has played a vital role in reducing corrupt practices and financial, crime in Nigeria.
  2. The banking sector has derived benefits as a result of the presence of EFCC and ICPC.

1.8 Definition Of Terms

Anti-Financial Crimes:

This is the process lf fighting f financial crimes.

Cyber Cafe Crimes:

These are crimes committed through the internet

EFCC:

This is an anti-graft institution established to fight against financial crimes in Nigeria

Electronic Crimes:

These are financial crimes committed electronically.

ICPC:

This is also an anti-graft institution vested to minimize the level of corrupt practices in Nigeria.

Money Laundering:

An integration of the proceeds of illegal activities into the financial or banking sector.

…

CHAPTER TWO

2.0 Literature Review

2.1 Introduction

This chapter focuses on the review of related literature. A literature review includes the current knowledge as well as theoretical and methodological contributions to a particular topic. It documents the state of the art with respect to the topic you are writing. It surveys the literature in the topic selected. In this research work the literature review includes the …

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