EFCC Says It Can Freeze Suspicious Funds Within 72 Hours as It Tracks Crypto Wallets
The EFCC says it is adopting a more proactive approach to financial crime by monitoring suspicious transactions and freezing funds for up to 72 hours while investigating their source and destination. EFCC Chairman Ola Olukoyede said the commission’s Fraud Risk Assessment and Control Department can intervene when unusual transactions are detected. He cited an alleged case in which money moved from a local government account through a private company and into cryptocurrency wallets. Olukoyede said illicit funds are increasingly being moved through digital assets. He added that licensed virtual asset platforms and a national confiscation wallet for seized cryptocurrencies are helping investigators trace and manage such assets. The commission also plans to rely more on civil asset forfeiture to recover suspected proceeds of crime without waiting for lengthy criminal trials to end.
Use The App To Win ₦1m
Stories are shared by community members. This article does not represent the official view of NaijaWorld — the author is solely responsible for its content.