EFCC Targets Suspicious Funds, Focuses on Crypto Assets

On September 1, the Economic and Financial Crimes Commission (EFCC), led by Chairman Ola Olukoyede, announced a new strategy to combat financial crimes by freezing suspicious funds within 72 hours of detection. This proactive approach aims to prevent the movement of illicit funds before they can be concealed through complex transactions or converted into cryptocurrencies.

Olukoyede emphasized the need for early intervention, stating that the commission has established the Fraud Risk Assessment and Control Department (FRAC) to monitor unusual financial activities. He highlighted the challenges posed by the rapid movement of funds into cryptocurrency wallets, which complicates the recovery of stolen public funds.

The EFCC has licensed about 40 virtual asset platforms to enhance its ability to trace transactions involving registered cryptocurrency wallets. Additionally, a national confiscation wallet has been established to securely hold seized cryptocurrencies pending legal processes.