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

Charles A. Malgwi (Assistant Professor of Accountancy, Bentley College, Department of Accountancy, Waltham, Boston, USA)

Journal of Financial Crime

ISSN: 1359-0790

Article publication date: 31 December 2004

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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.

Keywords

Citation

Malgwi, C.A. (2004), "Fraud as economic terrorism: the efficacy of the Nigerian Economic and Financial Crimes Commission", Journal of Financial Crime, Vol. 12 No. 2, pp. 144-164. https://doi.org/10.1108/13590790510624981

Publisher

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Emerald Group Publishing Limited

Copyright © 2004, Emerald Group Publishing Limited