YOU NEED TO KNOW!




What is an Economic Crime?
An economic crime is an act of sabotage that affects the economy of a state or nation. For example, pipeline vandalism, illegal oil bunkering, tax evasion, etc.

What is a Financial Crime?
A financial crime is an act that involves the illegal use of cash or financial instruments such as cheques, drafts, money orders, etc. For example, bank fraud, issuance of dud cheques, etc.

What is Advance Fee Fraud (419)?
Advance Fee Fraud is a kind of scam in which a fraudster through false pretences/deceitful information hoodwinks a person to make some upfront payment on a proposed business deal, romance, marriage, contract , etc.

What offences constitute Advance Fee Fraud and other related offences?
Offences relating to obtaining cash or property by false pretence, forgery, misrepresentation with intent to defraud using financial instruments.

What is Money Laundering?
Money Laundering is a process whereby ill-gotten wealth is transformed so that it appears legitimate.

What is Terrorism?
Terrorism is an act of violence and/or threats to intimidate another, to attain goals that are political, ideological or religious in nature.

What is Cyber Crime? Why do Cyber Cafes have to register with the EFCC?
Cyber Crime is the use of a computer or other electronic device to perpetrate criminal acts. Cyber cafes have to register with the EFCC so that Commission can monitor their operations and enforce operating standards that eliminate internet crimes.

What is Nigerian Financial Intelligence Unit (NFIU)?
The NFIU is the central national agency responsible for receiving, analyzing and transmitting financial disclosures on suspicious transactions in designated and non-designated financial institutions with a duty to report to relevant authorities.

What are some of the functions of NFIU?
I. Receive and collect Currency Transaction Reports and other information relevant to the money laundering and terrorist financing activities from financial institutions and designated non-financial institutions
ii. Trail money transactions in banks and other financial institutions
iii. Maintain a comprehensive financial intelligence database for information collection and exchange with counterpart FIUs and law enforcement agencies around the world
iv. Maintain a network and link of information with the regulatory authorities and law enforcement agencies in Nigeria
v. Provide financial intelligence reports/statistics in the investigation and prosecution of offenders under the relevant laws

About Dunio Mabushi

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