Browsing by Author "ANAYOCHUKWU PRECIOUS PASCHAL"

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    PROMOTE GOOD CORPORATE PRACTICE BY PROVIDING AN INSIGHT ON THE USE OF COMPANY LEGISLATION AS A TOOL FOR THE ESTABLISHMENT OF AN ENDURING SYSTEM FOR THE EFFICIENT CONTROL OF ECONOMIC AND FINANCIAL CRIMES
    (ebsu repository office, 2022-02-20) ANAYOCHUKWU PRECIOUS PASCHAL
    The objective of this work is to promote good corporate practice by providing an insight on the use of company legislation as a tool for the establishment of an enduring system for the efficient control of economic and financial crimes. Specifically, economic and financial crimes refer to a variety of illicit but non-violent activities anchored on fraud, carried out particularly in contravention of the laws regulating economic activities and done with the aim of acquiring wealth. The major enactment for the control of economic and financial crimes in Nigeria is the Economic and Financial Crimes Commission Act (cap E1 LFN, 2004). Undoubtedly, economic and financial crimes pose serious threats to the fabrics of any State because, among other things, they serve as the fulcrum for the offence of money laundering. There is need for an adequate regulatory framework and policy environment that supports efficient corporate management. This therefore, brings into focus, the operation of the Money Laundering (Prohibition) Act, (cap. M18 LFN, 2004), the Companies and Allied Matters Act (cap. C20 LFN, 2004) and other related instruments. A major constraint however, encountered in regard to such regulatory function, is that some crimes in this category involve an exceptionally high level of secrecy. In addition, a good number of perpetrators, whether as officers within the corporate framework or as organised criminal groups, often occupy high social status or wield enormous political power. This creates a scenario where the control mechanism may be manipulated and the crime concealed, improperly prosecuted, or'. even overlooked by the relevant prosecuting authorities. On a final note, the study offers suggestions for the overhaul of some of the existing control mechanism, as the surest way of strenqtheninq the power of the regulatory authorities, to trace, recover or cause the forfeiture and disposal of the proceeds of economic and financial related crimes.