The Economic and Financial Crimes Commission (EFCC) has said freezing bank accounts of individuals, groups and organisations being investigated for corruption is a way of facilitating investigation.
The commission also explained that freezing accounts suspected of being used for commission of financial crimes is a mandatory investigative step backed by law, a statement from Wilson Uwujaren, head, media and publicity of the commission has said..
In recent times, a lot of interest has been generated by the action of the Commission in freezing the accounts of suspects that are being for corruption with some alleging that the commission is being used by government to fight perceived enemies.
“In order to prevent misinformation, it is imperative to explain the reason behind the commission’s actions in this regard.
Section 34 (1) of the EFCC Act 2004 empowers the commission to freeze any account suspected of being used for financial crimes.
Section 34 (1) of the EFCC Act 2004 empowers the commission to freeze any account suspected of being used for financial crimes.
“The section stipulates that, “the chairman of the commission or any officer authorized by him may, if satisfied that the money in the account of a person is made through the commission of an offence under this Act or any enactment specified under Section 6(2) (a)-(f) of this Act, apply to the Court ex-parte for power to issue or instruct a bank examiner or such other appropriate authority to freeze the account,” said the statement.
It further added that, the provision in the Money Laundering Prohibition Act 2012 (as amended), also empowers the EFCC chairman or his representatives to place a stop order on any account or transaction suspected to be involved in any crime.
“The intendment of these provisions is to ensure that the commission safeguards suspected proceeds of crime pending the completion of its investigation. It is without prejudice to the social standing of the holder of such accounts or whether they are individual, corporate or government accounts.
“Freezing orders are incidental to investigation and doing otherwise will jeopardize the prospects of recovering stolen assets”, the statement added.
