• A/Court affirms commission’s power to prosecute tax evaders
Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has called for stronger collaboration with Designated Non-Financial Businesses and Professionals (DNFBPs) in the fight against money laundering and in addressing the vulnerabilities of key economic sectors to financial crimes.
According to a statement by the EFCC’s Head of Media and Publicity, Dele Oyewale, yesterday, Olukoyede made the call during a one-day outreach programme for high-risk DNFBPs, organised by the EFCC in Ibadan.
Olukoyede, who was represented by the Acting Director of the EFCC’s Ibadan Zonal Directorate, ACE I Hauwa Garba Ringim, commended the support of DNFBPs and other stakeholders in ensuring the effective implementation of Anti-Money Laundering, Combating the Financing of Terrorism, and Countering Proliferation Financing (AML/CFT/CPF) measures, as well as in the enforcement of relevant laws.
Pointing out that DNFBPs, such as lawyers, real estate agents, accountants, and dealers in solid minerals and precious metals, play a vital role in the nation’s economy, the EFCC boss added that the sectors and the professionals, which are into legitimate businesses, could be exploited by criminals to launder illicit funds.
He reiterated the need for DNFBPs to be more vigilant to protect their sectors from being used to launder illicit funds or become conduits for terrorism financing.
MEANWHILE, Justice Balkisu Bello Aliyu of the Court of Appeal, Abuja Division, has affirmed the power of the Economic and Financial Crimes Commission (EFCC) to investigate and prosecute cases of tax evasion and other tax-related issues.
EFCC spokesperson, Dele Oyewale, who disclosed this yesterday in Abuja, noted that she gave the ruling in a unanimous judgment of three Justices: Balkisu Bello Aliyu, Adebukunola Banjoko, and Okon Efreki Abang.
According to Oyewale, the judge set aside the judgment of the trial judge, Justice Taiwo Taiwo of the Federal High Court sitting in Abuja, that the EFCC “has no statutory power to cause investigation on tax evasion.”
He noted that the trial judge also ruled that the commission could not extend its investigation of money laundering to tax evasion, being the predicate offence.
Dissatisfied with the judgment of the trial court, the EFCC approached the Appellate court relying on Section 46 of its Act and asking for the setting aside of the judgment of the trial court on five grounds of appeal.
In her ruling, Justice Aliyu held that the learned trial judge erred in holding that the EFCC “has no power to investigate tax evasion in view of Section 46 of the EFCC Act.
