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Fraud as economic terrorism: the efficacy of the Nigerian Economic and Financial Crimes Commission

Fraud as economic terrorism: the efficacy of the Nigerian Economic and Financial Crimes Commission Discusses Nigeria’s efforts, especially through its Economic and Financial Crimes Commission (EFCC), to meet the requirements of the global Financial Action Task Force on money laundering and other financial crimes; the paper updates an earlier one by A. C. Chukwuemerie. Reviews the related literature and outlines the magnitude of fraudulent activities in Nigeria. Describes the functional mechanisms for fighting fraud prior to the establishment of the EFCC, the functions and powers of the EFCC (Establishment) Act 2002, its offences and penalties, asset and property forfeiture, and declaration of assets and properties. Cites anecdotal evidence of the Commission’s and other agencies’ crackdown on fraud, and makes recommendations for strengthening the code of honour through a fraud prevention programme. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Financial Crime Emerald Publishing

Fraud as economic terrorism: the efficacy of the Nigerian Economic and Financial Crimes Commission

Journal of Financial Crime , Volume 12 (2): 21 – Apr 1, 2005

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Publisher
Emerald Publishing
Copyright
Copyright © 2004 Emerald Group Publishing Limited. All rights reserved.
ISSN
1359-0790
DOI
10.1108/13590790510624981
Publisher site
See Article on Publisher Site

Abstract

Discusses Nigeria’s efforts, especially through its Economic and Financial Crimes Commission (EFCC), to meet the requirements of the global Financial Action Task Force on money laundering and other financial crimes; the paper updates an earlier one by A. C. Chukwuemerie. Reviews the related literature and outlines the magnitude of fraudulent activities in Nigeria. Describes the functional mechanisms for fighting fraud prior to the establishment of the EFCC, the functions and powers of the EFCC (Establishment) Act 2002, its offences and penalties, asset and property forfeiture, and declaration of assets and properties. Cites anecdotal evidence of the Commission’s and other agencies’ crackdown on fraud, and makes recommendations for strengthening the code of honour through a fraud prevention programme.

Journal

Journal of Financial CrimeEmerald Publishing

Published: Apr 1, 2005

Keywords: Nigeria; Fraud; Money laundering; Law enforcement

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