Author: Ayodeji Seriki

AT the beginning, the Economic and Financial Crimes Commission (EFCC) was established by an Act of the National Assembly on December 12, 2002 by the administration of former President Olusegun Obasanjo, partly in response to pressure from the Financial Action Task Force (FATF) on Money Laundering, also known by its French name, Grouped’actionfinancière (GAFI). FATF had then ranked Nigeria as one of the 23 countries that were non-cooperative in the combined efforts to fight money laundering globally. Due to the identified inadequacies in the 2002 Establishment Act, the National Assembly repealed it and re-enacted the 2004 Establishment Act while the…