Nigeria Senate House has begun amendment of the Economic and Financial Crimes Commission (EFCC) Act of 2004 whereby public officers, on conviction of stealing public funds, now risk 15 years imprisonment. The extant EFCC Act only provides for a jail term of not less than three years and not more than five years, for a public officer. But in the new amendment, such convicted public officers will bag a 10-year imprisonment penalty or a fine equivalent to 100 per cent of the value of the proceeds of the economic or financial crime.
These are contained in a Bill for an Act to provide for the amendment of the EFCC (Establishment) Act, 2004 to make punishment for economic and financial crimes stiffer and stringent and for matters connected therewith. The new amendments being sought by the Senate, as obtained by Daily Sun, are contained in sections 2, 16, 17 and 18 of the Principal Act.
The amended Section 16, Sub section 2 would be reviewed by deleting the phrase ‘not less than three years and not more than three years’ provided that where the offender is a public officer, the penalty shall be imprisonment for a term not less than three years and not more than five years following immediately after the phrase, “for a term” and replacing it with the phrase, not less than 10 years, provided that where the offender is a public officer, a penalty shall be imprisonment for a term not less than 15 years…”
Conversely, Section 17 Sub section (b) would also be amended by replacing a three-year imprisonment with “not less than 10 years or to a fine equivalent to 100 per cent of the value of the proceeds of the economic or financial crimes or to both such imprisonment and fine…” Further amendments being sought by the Senate to the EFCC Act include expanding the jurisdiction of courts that can try economic and financial crimes from any other court to include those in the Federal Capital Territory (FCT).
The new section 19 would now read: “Section 19 of the Principal Act is amended in subsection 1 by inserting a new phrase”or any other court as may be established by the National Assembly” immediately following the phrase “the Federal Capital Territory.” Elsewhere, Senate has also started legislative work on the formal establishment of Nigerian Financial Intelligence Agency that will take over the functions of the Financial Intelligence Unit (FIU) currently under the supervision of the Central Bank of Nigeria (CBN) and the EFCC The new agency will receive, request, analyze and disseminate financial intelligence reports and other information to law enforcement, security and intelligence agencies and other relevant authorities.
As part of its proposed functions, the agency would create the legal, institutional and regulatory frameworks to ensure transparency, effective and efficient management, administration and operation of the Nigerian Financial Intelligence Agency. As listed in Vol. 10 of the National Assembly Journal of April 25, 2013, the agency’s principal objectives are to “institutionalise best practices in financial intelligence management; put in place an effective system to combat money laundering and terrorist financing activities. and make provision for the agency to exchange information with financial institutions or similar bodies in other countries in matters relating to money laundering, terrorist financing activities and other predicate offences.”
The new body is also expected to receive and collect currency, suspicious and unusual transaction reports and other information, including wire transfers reports relevant to money laundering and terrorist financing activities from financial institutions and designated non-financial institutions as required under the Money Laundering (prohibition) Act 2011(as amended), the Terrorism (Prevention) Act 2011(as amended) or any other relevant law. The agency will also have powers to order prompt monitoring or freezing of financial transactions, accounts and any other means of payment or transfer of funds, properties and assets in the possession of any financial institution, designated non-financial institution or any other institutions or persons, pending the order of the court obtained by a relevant agency.
Section 25 of the bill, however, provides penalties, stating that, “any person or institution who has an obligation to report under this Act, who breaches any of the requirements of this Act or who fails to comply with any notice, order or direction given by the agency pursuant to the provisions of this Act; commits an offence and shall be liable to pay an administrative fine of N1 million.” As provided for in section 27 (1), being the regulatory authority for designated non-financial institutions for the purpose of ensuring anti-money laundering and counter-terrorist financing compliance, the agency would be empowered to apply sanctions administrative sanctions, in accordance with the provisions of the Money Laundering and Anti-terrorism Acts.
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