The Economic and Financial Crimes Commission (EFCC) is a Nigerian law enforcement agency that investigates financial crimes such as advance fee fraud and money laundering.
The EFCC was established in 2003, partially in response to pressure from the Financial Action Task Force on Money Laundering (FATF), which named Nigeria as one of 23 countries non-cooperative in the international community’s efforts to fight money laundering.
According to the Economic and Financial Crimes Commission (Establishment) Act, 2004, the EFCC is the designated Financial Intelligence Unit (FIU) in Nigeria, which is charged with the responsibility of co-ordinating the various institutions involved in the fight against money laundering and enforcement of all laws dealing with economic and financial crimes in Nigeria.
The Nigeria Financial Intelligence Unit (NFIU), set up by the Federal Government as parts of its effort to combat money laundering and the financing of terrorist activities in Nigeria, is domiciled in the Economic and Financial Crimes Commission (EFCC).
Under the lead of EFCC chairman Nuhu Ribadu, the agency has addressed financial corruption by prosecuting and convicting a number of high-profile corrupt individuals, ranging from Nigeria's former chief law enforcement officer to several bank chief executives.
See also the interview with Mallam Nuhu Ribadu, Reginal Asia-Pacific Seminar on Anti-corruption in Bali, Indonesia, 5-7 September 2007.
