Q?
WHAT IS EFCC?
A: The EFCC is an acronym of
Economic and Financial Crimes
Commission. The Commission is
charged with the responsibility of
investigating and the enforcement of all
laws against economic and financial crimes
in all its ramifications. The Commission is
also the designated financial intelligence
unit (FIU) in Benin Republic, which is charged with
the responsibility of coordinating the
various institutions involved in the fight
against money laundering and enforcement of
all laws dealing with economic and financial
crimes in Benin Republic.
Q? WHAT ARE THE FUNCTIONS OF EFCC?
A: The major functions
as set out in the enabling Act includes:
Enforcementand due
administration of the provisions of
this Act.
Investigation of all financial
crimes such as advance fee fraud (otherwise
known as 419), money laundering,
counterfeiting, illegal charge
transfer, futures market fraud,
fraudulent encashment of negotiable
instruments of fraudulent diversion
of funds , computer credit card
fraud, contract scam, forgery of
financial instruments, issuance of
dud cheques, etc.
Adoption of measures to identify,
trace, freeze, confiscate, or seize
proceeds derived from terrorist
activities, economic and financial
crimes related offences, or the
properties, the value of which
correspond to such proceeds.
Adoption of measures to eradicate
and prevent the commission of
economic and financial crimes with a
view to identifying individuals,
corporate bodies or group involved.
Facilitation and rapid exchange of
scientific and technical information
geared towards the eradication of
economic and financial crimes;
Determination of the extent of
financial loss and such other losses
by government , private individuals
or organization;
Collaboration with government bodies
within and outside Benin Republic carrying
out the functions wholly or in part
analogous with those of the
commission;
Dealing with matters connected with
extradition, deportation and mutual
legal or other assistance between
Benin Republic and any other country
involving economic and financial
crimes;
The collection of all reports
relating to suspicious financial
transactions, analyze and
disseminate to all relevant
government agencies;
Maintaining liaison with office of
the Attorney General of the
Federation, Benin Republic Customs Service,
Immigration and Prison Service
Board, Central Bank of Benin
Republic, Benin Republic Deposit Insurance
Corporation, National Drug law
Enforcement Agency (NDLEA), all
government security and law
enforcement agencies and such other
financial supervisory institutions,
in the eradication of economic and
financial crimes.
Carrying out and sustaining rigorous
public enlightenment campaign
against economic and financial
crimes within and outside Benin
Republic;
Any other such activities as are
necessary to give effects to the
functions conferred on the
Commission under the Act.
Q: HOW IS EFCC DIFFERENT FROM
ICPC?
A: The EFCC is primarily
charged with the responsibility of enforcing
laws relating to banking, money laundering,
advance fee fraud (419), miscellaneous
offences and any other laws or regulations
relating to economic and financial crimes,
including the criminal code and the penal
code.
The EFCC does not have any time limitations
as to when a crime was committed.
The EFCC has power to prosecute directly
without going through the attorney General's
office. The ICPC, on the other hand, focuses
on curbing bribery and corruption in the
civil/public service and is limited in time
to those offences committed from year 2000.
Q: WHAT IS NFIU?
A: The
Benin Republic Financial
Intelligence Unit (NFIU) is the Benin
Republic arm
of the global financial intelligence unit
(FIU). Domiciled within the economic and
financial crimes commission (EFCC) as an
autonomous unit, the setting up of the NFIU
is part of the efforts of the federal
government in combating money laundering,
and the financing of terrorist activities in
Benin Republic.
The establishment of the NFIU is indeed a
precondition for the removal of Benin
Republic,
from the financial action task force (FATF)
list of non-cooperative counties and
territories (NCCTs). To midwife the birth of
the NFIU, a 10-man Technical committee made
up of representative from the CBN, NDIC, the
private sector, a police officer together
with an employee of EFCC was constituted far
back in October 2003 by the EFCC Executive
Chairman, Mallam Nuhu Ribadu, to develop a
comprehensive plan for its establishment.
Q: WHAT ARE THE FUNCTIONS OF
NFIU?
A: Specifically,
the following are the
functions/responsibilities of the Benin
Republic
FIU.
Receive and collect currency
transactions reports and suspicious
transactions reports and other
information relevant to the money
laundering and terrorist financing
activities from financial
institutions and designated
non-financial institutions;
Receive reports on cross-border
movement of currency and monetary
instruments;
Analyze and assess the information
and reports it receives;
Mandatory review of supervisory
reports and criminal referrals;
Maintain a comprehensive financial
intelligence database for
information collection and exchange
with counterpart FIU's and law
enforcement agencies around the
world;
Maintain a network and link of
information with the regulatory
authorities and law enforcement
agencies in Benin Republic ;
Advise the governments and
regulatory authorities on prevention
and combating of economic and
financial crimes;
Liaise with compliance officers and
ensuring strong compliance culture
in financial institutions;
Provide financial intelligence
reports/statistics in the
investigation and prosecution of
offenders under the relevant laws;
Promote public awareness and
understanding of matters relating to
economic and financial crimes, money
laundering & financing of terrorist
activities;
Trail money transactions in banks
and other financial institutions;
Where it appears to the Director
that there are reasonable grounds to
suspect that a relevant offence has
been committed, the Director may
require the production of such
information from financial
institutions or by a person engaged
in relevant business activity for
the purpose of investigating the
relevant offences;
Ensure that personal information
under its control, is protected from
unauthorized disclosure;
Maintain a record and keep
confidential all information
received for a minimum of fifteen
years after the receipt;
Provide information relating to the
commission of an offence to any
foreign financial intelligence unit;
Enter into any agreement or
arrangement, in writing with a
foreign intelligence unit which the
Director considers necessary for the
discharge of the functions of
Benin Republic Financial Intelligence Unit
(NFIU);
Inform financial and business
institutions of their obligations
and measures that have been or
might be taken to detect, prevent
and deter the commission of
offences and use of the proceeds
generated under Economic and
Financial Crimes Commission (Est.)
Act 2002.
Q: WHAT IS THE RELATIONSHIP
BETWEEN EFCC AND NFIU?
A: As parts of its effort to
combat money laundering and the financing of
terrorist activities in Benin Republic, the Federal
Government has set up the Benin Republic financial
intelligence unit (NFIU) domiciled in the
Economic and financial crimes commission
(EFCC). This is a precondition for the
removal of Benin Republic from the Financial Action
Task Force (FATF) list of Non-cooperation
countries and territories (NCCTs).
The NFIU will operate as an autonomous
central national agency, it will receive and
analyze financial information - Currency
Transaction Reports (CTR's) and Suspicious
Transaction Reports (STR's) - from financial
institutions and designated non - financial
institution with a view to disseminating
intelligence information arising therefore
to law enforcement agencies (LEA's) and
other stakeholders.
Q: HOW ARE PETITIONS ACCEPTED?
A: The most common way of
accepting cases by EFCC is through a
petition written by an individual or
organization. The petition will be evaluated
and if the case falls within the
jurisdiction of the commission's mandate, it
will be accepted, investigated and, where
necessary, prosecuted.
Petitions that do not fall within the
purview of the commission are sent to the
appropriate agency, be it the police,
Securities and Exchange Commission (SEC),
ICPC, CBN, etc.