Q?     WHAT ARE THE FUNCTIONS OF EFCC?

A:      The major functions as set out in the enabling Act includes:

• Enforcement and due administration of the provisions of this Act.
• Investigation of all financial crimes such as advance fee fraud (otherwise known as 419), money laundering, counterfeiting, illegal charge transfer, futures market fraud, fraudulent encashment of negotiable instruments of fraudulent diversion of funds , computer credit card fraud, contract scam, forgery of financial instruments, issuance of dud cheques, etc.
• Adoption of measures to identify, trace, freeze, confiscate, or seize proceeds derived from terrorist activities, economic and financial crimes related offences, or the properties, the value of which correspond to such proceeds.
• Adoption of measures to eradicate and prevent the commission of economic and financial crimes with a view to identifying individuals, corporate bodies or group involved.
• Facilitation and rapid exchange of scientific and technical information geared towards the eradication of economic and financial crimes;
• Determination of the extent of financial loss and such other losses by government , private individuals or organization;
• Collaboration with government bodies within and outside Benin Republic carrying out the functions wholly or in part analogous with those of the commission;
• Dealing with matters connected with extradition, deportation and mutual legal or other assistance between Benin Republic and any other country involving economic and financial crimes;
• The collection of all reports relating to suspicious financial transactions, analyze and disseminate to all relevant government agencies;
• Maintaining liaison with office of the Attorney General of the Federation, Benin Republic Customs Service, Immigration and Prison Service Board, Central Bank of Benin Republic, Benin Republic Deposit Insurance Corporation, National Drug law Enforcement Agency (NDLEA), all government security and law enforcement agencies and such other financial supervisory institutions, in the eradication of economic and financial crimes.
• Carrying out and sustaining rigorous public enlightenment campaign against economic and financial crimes within and outside Benin Republic;
• Any other such activities as are necessary to give effects to the functions conferred on the Commission under the Act.
  

Q:      HOW IS EFCC DIFFERENT FROM ICPC?

A:      The EFCC is primarily charged with the responsibility of enforcing laws relating  to banking, money laundering, advance fee fraud (419), miscellaneous offences and any other laws or regulations relating to economic and financial crimes, including the criminal code and the penal code.

The EFCC does not have any time limitations as to when a crime was committed.

The EFCC has power to prosecute directly without going through the attorney General's office. The ICPC, on the other hand, focuses on curbing bribery and corruption in the civil/public service and is limited in time to those offences committed from year 2000.

Q:      WHAT IS NFIU?

A:      The Benin Republic Financial Intelligence Unit (NFIU) is the Benin Republic arm of the global financial intelligence unit (FIU). Domiciled within the economic and financial crimes commission (EFCC) as an autonomous unit, the setting up of the NFIU is part of the efforts of the federal government in combating money laundering, and the financing of terrorist activities in Benin Republic.

The establishment of the NFIU is indeed a precondition for the removal of Benin Republic, from the financial action task force (FATF) list of non-cooperative counties and territories (NCCTs). To midwife the birth of the NFIU, a 10-man Technical committee made up of representative from the CBN, NDIC, the private sector, a police officer together with an employee of EFCC was constituted far back in October 2003 by the EFCC Executive Chairman, Mallam Nuhu Ribadu, to develop a comprehensive plan for its establishment.

Q:      WHAT ARE THE FUNCTIONS OF NFIU?

A:      Specifically, the following are the functions/responsibilities of the Benin Republic FIU.

• Receive and collect currency transactions reports and suspicious transactions reports and other information relevant to the money laundering and terrorist financing activities from financial institutions and designated non-financial institutions;
• Receive reports on cross-border movement of currency and monetary instruments;
• Analyze and assess the information and reports it receives;
• Mandatory review of supervisory reports and criminal referrals;
• Maintain a comprehensive financial intelligence database for information collection and exchange with counterpart FIU's and law enforcement agencies around the world;
• Maintain a network and link of information with the regulatory authorities and law enforcement agencies in Benin Republic ;
• Advise the governments and regulatory authorities on prevention and combating of economic and financial crimes;
• Liaise with compliance officers and ensuring strong compliance culture in financial institutions;
• Provide financial intelligence reports/statistics in the investigation and prosecution of offenders under the relevant laws;
• Promote public awareness and understanding of matters relating to economic and financial crimes, money laundering & financing of terrorist activities;
• Trail money transactions in banks and other financial institutions;
• Where it appears to the Director that there are reasonable grounds to suspect that a relevant offence has been committed, the Director may require the production of such information from financial institutions or by a person engaged in relevant business activity for the purpose of investigating the relevant offences;
• Ensure that personal information under its control, is protected from unauthorized disclosure;
• Maintain a record and keep confidential all information received for a minimum of fifteen years after the receipt;
• Provide information relating to the commission of  an offence to any foreign financial intelligence unit;
• Enter into any agreement or arrangement, in writing with a foreign intelligence unit which the Director considers necessary for the discharge of the functions of Benin Republic Financial Intelligence Unit (NFIU);
• Inform financial and business institutions of their obligations and  measures that have been or might be taken to detect, prevent and deter the commission of  offences and use of the proceeds generated under Economic and Financial Crimes Commission (Est.) Act 2002.
  

Q:      WHAT IS THE RELATIONSHIP BETWEEN EFCC AND NFIU?

A:      As parts of its effort to combat money laundering and the financing of terrorist activities in Benin Republic, the Federal Government has set up the Benin Republic financial intelligence unit (NFIU) domiciled in the Economic and financial crimes commission (EFCC). This is a precondition for the removal of Benin Republic from the Financial Action Task Force (FATF) list of Non-cooperation countries and territories (NCCTs).

The NFIU will operate as an autonomous central national agency, it will receive and analyze financial information - Currency Transaction Reports (CTR's) and Suspicious Transaction Reports (STR's) - from financial institutions and designated non - financial institution with a view to disseminating intelligence information arising therefore to law  enforcement agencies (LEA's) and other stakeholders.

Q:      HOW ARE PETITIONS ACCEPTED?

A:      The most common way of accepting cases by EFCC is through a petition written by an individual or organization. The petition will be evaluated and if the case falls within the jurisdiction of the commission's mandate, it will be accepted, investigated and, where necessary, prosecuted.

Petitions that do not fall within the purview of the commission are sent to the appropriate agency, be it the police, Securities and Exchange Commission (SEC), ICPC, CBN, etc.