The Economic and Financial Crimes Commission (EFCC) has announced a decisive strategy to disrupt terrorist financing networks by closely monitoring banking transactions and cutting off funds to bandits.
This commitment was articulated by EFCC Chairman Ola Olukoyede, through his representative, Commander Wilson Uwujaren, Director of Public Affairs Directorate, at the 2024 Annual Civil-Military Conference organized by Civil-Military Cooperation (CIMICO) at the National Defence College in Abuja.
Olukoyede emphasized that "corruption breeds poverty, which in turn drives jobless individuals to embrace recruitment into banditry, kidnapping, and terrorism."
By blocking illicit funds, the EFCC aims to reduce the financial incentives for these criminal activities. The initiative is part of a broader effort to curb rising insecurity and banditry in Nigeria, which has been linked to corruption and illicit financial flows.
The EFCC's mandate includes investigating and prosecuting all cases of economic and financial crimes, as well as coordinating and enforcing all economic and financial crimes laws in Nigeria.
The Commission's vision is "a Nigeria free of economic and financial crimes," achieved through prevention, enforcement, and coordination. The core values guiding the EFCC are Integrity, Professionalism, Courage, and Collaboration.
In addition to the EFCC's efforts, the Minister of State for Police Affairs, Imaan Sulaiman Ibrahim, called for a concerted effort from all Nigerians to address insecurity.
He stated, "Security affairs are everybody’s business, not just the police and other law enforcement agencies. We must join hands with the police and other law enforcement agencies to end the menace of insecurity."
The EFCC's strategy aligns with recent regulatory changes in the banking sector, including amendments to Basel III and the signing of the Dodd-Frank reform bill, which have led to tightened credit standards due to economic uncertainties and potential deterioration in collateral values and credit quality. These measures are expected to help in monitoring and preventing the flow of illicit funds, thereby contributing to national security and development.
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