Financial crime prosecution, legal certainty and exigency of policy: case of Nigeria's EFCC

Abstract

Purpose

In its fight against money laundering involving politically exposed persons (PEPs), the Economic and Financial Crimes Commission (EFCC) has the dual mandate of maintaining equilibrium between two fundamental, but sharply contradictory objectives: establishing guilt beyond a reasonable doubt, and responding to the policy imperative of nipping corruption in the bud through a pro-active involvement in preventative measures. This paper contends that as a result of the tension between these two divergent ends, the agency has found itself the spider in a cobweb of legalism designed by its adversaries to stymie its operations. Furthermore, and as a matter of priority, the paper calls for a major rethink of the appropriateness of criminal jurisdiction in the prosecution of financial crimes in Nigeria and elsewhere in Africa. The paper aims to discuss these issues.

Design/methodology/approach

Case study and textual analysis of literature.

Findings

Civil jurisdiction of extracting the proceeds of the criminal activities of PEPs provides a better mode of deterrence than any criminal sanction could hope to achieve.

Originality/value

Creative in deciphering a major root cause of the ineffectiveness of criminal sanction as an anti-corruption weapon.

Citation

Oke, T. (2014), "Financial crime prosecution, legal certainty and exigency of policy: case of Nigeria's EFCC", Journal of Financial Crime, Vol. 21 No. 1, pp. 56-65. https://doi.org/10.1108/JFC-06-2013-0044