Fresh facts emerged yesterday that the Economic and Financial
Crimes Commission(EFCC) has received a database of Nigerians with
assets in the United Arab Emirates (UAE).
On the list are assets suspected to have been acquired with
looted funds by some former governors, ex- ministers, bankers, oil
chiefs, government functionaries and other Politically Exposed
Persons(PEPs).
The EFCC is analysing the database in line with its list of PEPs
who are being investigated.
The anti-graft agency has placed over 22 politically exposed
persons and businessmen in Dubai under surveillance.
Funds linked with some of those under probe may be seized.
A source in the commission, who spoke in confidence, said: “In
line with its Beneficial Ownership laws, we have already a database
of Nigerians with assets in the United Arab Emirates, including
properties of some high-profile Nigerians under investigation.
“We are already studying the database in line with our ongoing
investigation and profiling. We have a long list of some
politically exposed persons and businessmen under probe.
“The signing of the agreements between Nigeria and the UAE by
President Muhammadu Buhari last week has opened a robust vista
which will hasten our identification and attachment of the
suspicious assets.
“It is time to set out for work. You will recall that over N1.34
trillion was stolen by public officers in seven years. We will
trace some of these funds and the assets acquired with them in
UAE.”
Responding to a question, the source added: “We will not release
the list now but already we have initiated action on some
suspects.
“Actually, there is no hiding place for any looter from Nigeria
in UAE again. In May 2016 at the Anti-corruption Summit in London,
the UAE joined the league of 29 nations which will share where
lists of beneficial owners.
“The UAE has also strengthened its anti-money laundering (‘AML’)
regulations. Therefore, the environment is conducive now to track
the suspects on our radar.
“The Jebel Ali Free Zone Authority (JAFZA) also operates a
commercial register where you can easily identify companies and
investors in UAE.”
Following a state visit to the UAE by President Muhammadu Buhari
on January 19, last year, the Federal Government entered into six
agreements with the Emirates.
The agreements, which were signed by Buhari last week, are:
Avoidance of Double Taxation Agreement.
Agreement on Trade Promotion and Protection
Judicial Agreements on Extradition
Transfer of Sentenced Persons
Mutual Legal Assistance on Criminal Matters
Mutual Legal Assistance on Criminal and Commercial Matters(recovery
and repatriation of stolen wealth)
Sections 7 of 28 and 34 of the EFCC (Establishment Act) 2004 and
Section 13(1) of the Federal High Court Act, 2004 mandate the
agency to seize suspicious assets.
Section 7 says: “The commission has power to (a) cause any
investigations to be conducted as to whether any person, corporate
body or organization has committed any offence under this Act or
other law relating to economic and financial crimes.
“(b) Cause investigations to be conducted into the properties of
any person if it appears to the commission that the person’s
lifestyle and extent of the properties are not justified by his
source of income.”
Sections 28 and 34 of the EFCC (Establishment Act) 2004 and
Section 13(1) of the Federal High Court Act, 2004 empower the
anti-graft agency to invoke Interim Assets Forfeiture Clause.
“Section 28 of the EFCC Act reads: ‘Where a person is arrested
for an offence under this Act, the Commission shall immediately
trace and attach all the assets and properties of the person
acquired as a result of such economic or financial crime and shall
thereafter cause to be obtained an interim attachment order from
the Court.’
Section 13 of the Federal High Court Act reads in part: “The
Court may grant an injunction or appoint a receiver by an
interlocutory order in all cases in which it appears to the Court
to be just or convenient so to do.
(2) Any such order may be made either unconditionally or on such
terms and conditions as the Court thinks just.”
The Chairman of the Senate Committee on Foreign and Domestic
Debts, Senator Shehu Sani said over $200 billion had been hidden in
the UAE.
He said: “Over $200 billion is stashed away from Nigeria to
Dubai alone. This may be the monies stolen since in the past 20
years. I am not talking about estates and bonds and other
securities bought with Nigeria stolen money.”
The anti-money laundering policy of UAE Central Bank reads in
part: “Any person who commits, or attempts to commit, a Money
Laundering offence shall be punished by imprisonment of up to 10
years and or a fine of between AED 100,000 and AED 500,000.
”In cases of multiple perpetrators, the Court subject to its
discretion, may exempt a perpetrator from the imprisonment penalty
if he takes the initiative and reports the crime to the competent
authorities prior to the knowledge of such authorities and if his
actions lead to the arrest of the other perpetrators or seizure of
the laundered money.
”Any establishment that commits an offence of money laundering,
financing of terrorism or financing of any unlawful organizations,
shall be punished by a fine of AED 300,000 and AED 1,000,000.
”Failure to report a suspicious transaction shall be punishable
by imprisonment and /or a fine of between AED 50,000 and AED
300,000.
”Tipping off a person being investigated regarding a suspicious
transaction shall be punishable by imprisonment of up to one year
and/ or a fine of between AED10,000 and AED 100,000.
”Violation of the requirements of Airport Declarations shall be
punishable by imprisonment and or a fine.”
Fresh facts emerged yesterday that the Economic and Financial
Crimes Commission(EFCC) has received a database of Nigerians with
assets in the United Arab Emirates (UAE).
On the list are assets suspected to have been acquired with
looted funds by some former governors, ex- ministers, bankers, oil
chiefs, government functionaries and other Politically Exposed
Persons(PEPs).
The EFCC is analysing the database in line with its list of PEPs
who are being investigated.
The anti-graft agency has placed over 22 politically exposed
persons and businessmen in Dubai under surveillance.
Funds linked with some of those under probe may be seized.
A source in the commission, who spoke in confidence, said: “In
line with its Beneficial Ownership laws, we have already a database
of Nigerians with assets in the United Arab Emirates, including
properties of some high-profile Nigerians under investigation.
“We are already studying the database in line with our ongoing
investigation and profiling. We have a long list of some
politically exposed persons and businessmen under probe.
“The signing of the agreements between Nigeria and the UAE by
President Muhammadu Buhari last week has opened a robust vista
which will hasten our identification and attachment of the
suspicious assets.
“It is time to set out for work. You will recall that over N1.34
trillion was stolen by public officers in seven years. We will
trace some of these funds and the assets acquired with them in
UAE.”
Responding to a question, the source added: “We will not release
the list now but already we have initiated action on some
suspects.
“Actually, there is no hiding place for any looter from Nigeria
in UAE again. In May 2016 at the Anti-corruption Summit in London,
the UAE joined the league of 29 nations which will share where
lists of beneficial owners.
“The UAE has also strengthened its anti-money laundering (‘AML’)
regulations. Therefore, the environment is conducive now to track
the suspects on our radar.
“The Jebel Ali Free Zone Authority (JAFZA) also operates a
commercial register where you can easily identify companies and
investors in UAE.”
Following a state visit to the UAE by President Muhammadu Buhari
on January 19, last year, the Federal Government entered into six
agreements with the Emirates.
The agreements, which were signed by Buhari last week, are:
Avoidance of Double Taxation Agreement.
Agreement on Trade Promotion and Protection
Judicial Agreements on Extradition
Transfer of Sentenced Persons
Mutual Legal Assistance on Criminal Matters
Mutual Legal Assistance on Criminal and Commercial Matters(recovery
and repatriation of stolen wealth)
Sections 7 of 28 and 34 of the EFCC (Establishment Act) 2004 and
Section 13(1) of the Federal High Court Act, 2004 mandate the
agency to seize suspicious assets.
Section 7 says: “The commission has power to (a) cause any
investigations to be conducted as to whether any person, corporate
body or organization has committed any offence under this Act or
other law relating to economic and financial crimes.
“(b) Cause investigations to be conducted into the properties of
any person if it appears to the commission that the person’s
lifestyle and extent of the properties are not justified by his
source of income.”
Sections 28 and 34 of the EFCC (Establishment Act) 2004 and
Section 13(1) of the Federal High Court Act, 2004 empower the
anti-graft agency to invoke Interim Assets Forfeiture Clause.
“Section 28 of the EFCC Act reads: ‘Where a person is arrested
for an offence under this Act, the Commission shall immediately
trace and attach all the assets and properties of the person
acquired as a result of such economic or financial crime and shall
thereafter cause to be obtained an interim attachment order from
the Court.’
Section 13 of the Federal High Court Act reads in part: “The
Court may grant an injunction or appoint a receiver by an
interlocutory order in all cases in which it appears to the Court
to be just or convenient so to do.
(2) Any such order may be made either unconditionally or on such
terms and conditions as the Court thinks just.”
The Chairman of the Senate Committee on Foreign and Domestic
Debts, Senator Shehu Sani said over $200 billion had been hidden in
the UAE.
He said: “Over $200 billion is stashed away from Nigeria to
Dubai alone. This may be the monies stolen since in the past 20
years. I am not talking about estates and bonds and other
securities bought with Nigeria stolen money.”
The anti-money laundering policy of UAE Central Bank reads in
part: “Any person who commits, or attempts to commit, a Money
Laundering offence shall be punished by imprisonment of up to 10
years and or a fine of between AED 100,000 and AED 500,000.
”In cases of multiple perpetrators, the Court subject to its
discretion, may exempt a perpetrator from the imprisonment penalty
if he takes the initiative and reports the crime to the competent
authorities prior to the knowledge of such authorities and if his
actions lead to the arrest of the other perpetrators or seizure of
the laundered money.
”Any establishment that commits an offence of money laundering,
financing of terrorism or financing of any unlawful organizations,
shall be punished by a fine of AED 300,000 and AED 1,000,000.
”Failure to report a suspicious transaction shall be punishable
by imprisonment and /or a fine of between AED 50,000 and AED
300,000.
”Tipping off a person being investigated regarding a suspicious
transaction shall be punishable by imprisonment of up to one year
and/ or a fine of between AED10,000 and AED 100,000.
”Violation of the requirements of Airport Declarations shall be
punishable by imprisonment and or a fine.”
Read more https://nairalaw.com/efcc-gets-data-on-nigerians-uae-assets/