Top officials from the Economic and Financial Crimes Commission (EFCC) are joining a distinguished gathering of international anti-corruption experts at the 41st International Symposium on Economic Crime in Cambridge, UK. The event, hosted at Jesus College, University of Cambridge, focuses on “Suspect Assets” and aims to explore innovative strategies for tracing, recovering, and forfeiting illicit assets.
The EFCC delegation, led by Secretary Mohammed Hammajoda, is engaging in peer reviews and discussions on complex frameworks to address threats posed by fraudsters and their illicit gains. Professor Barry Rider, Founder and Executive Director of the symposium, emphasizes the importance of identifying and controlling suspect wealth to maintain economic stability and security.
Key topics being addressed include:
– Characterizing suspect wealth
– Asset removal and interdiction
– Identifying and pursuing suspect wealth in cyber space
– Tracing and freezing suspect wealth through civil law
– Sanctions and suspect wealth
– Corruption, AML, and financial crime
Dr. Umar Bello, Head of Strategic Intelligence Analysis Unit at EFCC, highlights the challenges of identifying suspect wealth in the financial system, citing third-party money laundering and concealment of beneficial ownership as major obstacles. He advocates for effective case management principles and multi-lateral collaboration to strengthen efforts in tracing suspect assets.
Justice John Tosho, Chief Judge of the Federal High Court, Nigeria, shares insights into the Nigerian criminal justice system’s efforts to trace, recover, and reintegrate suspect assets. The symposium brings together a diverse group of experts from academia, law enforcement, government, and public affairs to tackle the complex issues surrounding illicit assets.
