EFCC Changes Strategy to Prevent Financial Crimes

The Economic and Financial Crimes Commission (EFCC), under the leadership of Chairman Ola Olukoyede, has announced a significant change in its strategy to combat financial crimes. During an interactive session in Abuja, Olukoyede stated that the agency will now focus on preventing the theft of funds rather than tracking them post-theft.

A new unit, the Fraud Risk Assessment and Control Department (FRAC), has been established to trace, flag, and freeze suspicious accounts within a 72-hour window. Olukoyede criticized the traditional approach of waiting for funds to be stolen, citing instances where public funds were quickly transferred into cryptocurrency wallets.

He noted the challenge posed by corrupt officials using technology to launder money. The EFCC has licensed about 40 digital asset platforms to enhance its tracing capabilities and has created a centralized national confiscation wallet for seized cryptocurrencies.

Additionally, the agency is prioritizing civil asset forfeiture to expedite the recovery of stolen assets, which has already shown success in high-profile cases.