Economy & Trends / Spotlight
EFCC Wants Cut From Recovered Loot
- By: Maktoub Magazine
- October 20, 2016
The acting chairman of the Economic and Financial Crimes Commission (EFCC) Ibrahim Magu has asked for legislation that would enable the anti-graft agency keep a percentage of recovered looted funds.
Magu, represented by the EFCC deputy director, planning and policy, David Tukura stated this yesterday during the national anti-corruption conference organized by the Presidential Advisory Committee against Corruption (PACAC) in Abuja.
He asked for an amendment of the anti-graft laws to shift the burden of proof on the accused persons in cases of financial crimes.
Magu argued that giving a percentage of recovered looted funds to the anti-graft agency is a standard practiced globally and would enhance EFCC operations.
He said: “In some jurisdictions like the UK, proceeds of crime are further used to strengthen the agency. In EFCC, we have been struggling for years to build our headquarters and when I think of the billions of naira we recover, I can see what would have happened if we are allowed to apply a percentage of this recovery into our operations.”
He also said: “one of the issues that concern us in the EFCC is that of non-conviction based recovery. It is of great concern to us that the burden is on us to prove in court that this is proceeds of crime, but in other climes the accused has to prove that the property actually represents the fruit of his labour. (DAILY TRUST)