Fidelity bank banner Bayelsa State banner
Why we freeze bank accounts: EFCC

By News Express on 13/06/2016

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 1,346


The Economic and Financial Crimes Commission (EFCC) this afternoon cleared the air on why it freezes the accounts of suspects that were investigated or are currently being investigated, dismissing allegations of vindictive motives.

Giving the reason behind the practice, EFCC Head, Media & Publicity, Wilson Uwujaren, said in a statement issued in Abuja: “Freezing of accounts suspected of being used for commission of financial crimes is a mandatory investigative step backed by law.

“Indeed, 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 authorised 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.”

“Similar 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 jeopardise the prospects of recovering stolen assets.”

•Photo shows EFCC Ag. Chairman Ibrahim Magu.

Source News Express

Posted 13/06/2016 8:31:43 PM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
We didn’t demolish Yinka Ayefele’s Music House —...

Armageddon In Ogoniland, By Fegalo Nsuke

Harvest of death in Borno IDP Camp

Human Rights Day: Activist raps security agencies over...

Disobedience of court orders threat to Nigeria’s democracy...

Confab delegates receive final report, Draft Constitution •Regroup...

Niger Delta Avengers set to resume bombing of...

National Convention: Okorocha should accept his fate or...

SSS harassment: Lai Mohammed has confirmed our fears...

Ekeukwu Owerri: Of political will and living in...

ICPC unveils new vista on war against corruption...

Reps to issue arrest warrant for embattled NEMA...

 

Latest News DSS, Police foil attempt by Biafranists to take over Enugu Government House •Suspects arrested, whereabouts unknown Tinubu tried to cause trouble when he was denied Buhari’s Vice Presidency — Tambuwal Defection: Court approves suit seeking to declare Senator Stella Oduah’s seat vacant Boko Haram survivor bags degree in USA Abuja building collapse: Bodies of mother, child, other recovered from site Tinubu condoning inadequacies in APC because of his 2023 presidential ambition — Saraki Tragedy in Asaba as man kills two younger brothers Gully erosion cuts off major road linking Onitsha and environs Catholic Church spends $3bn to settle clergy sex abuse claims Police arrests man over alleged attempt to kill mother for money rituals FG earmarks N700m for reconstruction of institutions destroyed by herdsmen Buhari meets Service Chiefs over Zamfara, others, leaves for Daura

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (379,304 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (367,555 views) Shameless Genevieve Nnaji exposes breasts in public (297,337 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (242,589 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (223,647 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (217,651 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (193,325 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (175,440 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (160,073 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (158,957 views) Lagos plane crash: Journalist releases victims’ names (153,250 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (143,492 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (56) Business & Economy (3,465) Business Verdict (48) Columnists (912) Complaints & Requests (95) Enterprise & Opportunities (207) Entertainment (529) Features (642) Global Business Monitor (295) International (2,282) Interview (162) Live Commentary (28) Love Matters (135) News (38,174) Opinion (1,064) Pidgin (11) Politics (6,112) Religion (831) Sports (1,654) Stock Watch (33) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Real Madrid vs Atletico Madrid 2-4 Highlights and Goals

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement