ABSTRACT
Several years of military misrule and
mismanagement had weakened the economic management processes and institution in
Nigeria. There was no transparency and accountability in government (Public
Sector) and private sector and Nigerians becomes notorious for endemic
corruption. The result was the inability of government to deliver services to
the Nigerian public.
Most private companies both in the oil and
non-oil sector have constantly evade taxes and have collided with official to
evade custom duties and payment of taxes .In addition, widespread preparation
of economic and financial crime like advance fee fraud (419), money laundry,
cyber crime, banking fraud and endemic corruption have had severe negative
consequences on Nigeria, including decrease direct foreign investment in the
country. Consequently, the economic and financial crimes commission (EFCC) was establish
as one of the mechanism for prevention, investigation and prosecution of
corrupt practices and economic and financial crime in the public and the
private sector.
Finally, this research work is aim at
looking the various activities of the Economies and financial crime commission
(EFCC) and how they can improve financial crime accountability and
transparency.
CHAPTER ONE
INTRODUCTION
1.1
BACKGROUND OF THE STUDY
Nigerians inability to consolidate her democracy
is blamed largely on the high level of corruption in the country. Corruption
generally has eaten deep especially in the area of economic and financial crime
which seems like a societal norm. People have imbibed the belief that hard
work, honesty and integrity are not worthy principles since one can do very
little to earn so much. Thus this pervades in all aspect of human life,
beginning from the home to both public and private institution.
This fraudulent activity, economic
mismanagement, lack of accountability and transparency fraud and criminality
which brought about inefficiency pervades in all aspect of human life beginning
from the home to the public and private institution.
More so, the economic crime includes
embezzlement, over invoicing, cyber crime money laundry, illegal currency
manipulation, corporate crime
As a result of these, the federal government
inaugurated economic and financial crime commission (EFCC) in 2002 and
was established as an Act into law in 2004 in order to sanitize the
Nigerian economic environment by enforcing all economic and financial
crime laws. This includes:
a. Fighting the advanced free fraud and related
offences as amended in the act.
b. Money laundering amendment Act 2003, No7;1995
No3
c. Miscellaneous offences Act 1983.
d. The bank and other financial institution Act
1991 as amended.
e. Financial malpractice on bank act 1994 as amended and failed bank
(recovery of debts).
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Item Type: Project Material | Attribute: 86 pages | Chapters: 1-5
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