Stop the money before it disappears, EFCC takes on new challenge
EFCC Wants to Catch the Money in Motion The commission has cited a case in which funds were traced from a local government account to a private company and subsequently into cryptocurrency wallets.
For the EFCC, the 72-hour freeze will ultimately be judged by whether it can protect public funds quickly, lawfully and transparently, before the money disappears.
The Law Behind The 72-Hour Freeze The EFCC says its authority to impose the temporary restriction is supported by Section 7(6) of the Money Laundering (Prevention and Prohibition) Act, 2022.
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