In order to curb the illicit activities of treasury thieves in the nation, Ola Olukoyede, the chairman of the Economic and Financial Crimes Commission (EFCC), has requested legislation prohibiting unexplained wealth.
Olukoyede was reported by EFCC spokesperson Dele Oyewale in a statement as making the request during a two-day international law conference hosted by Christopher University in Mowe, Ogun State.
“Unexplained Wealth in the Global South: Examining the Asset Recovery and Return Trajectory” is the conference theme.
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Since the Unexplained Wealth Orders (UWOs) were introduced in 2018, the EFCC chairman claimed that numerous nations, including the UK, Australia, Mauritius, Kenya, Zimbabwe, and Trinidad and Tobago, had accepted the UWOs.
He mentioned that in order to keep the threat at bay, the anti-graft agency continued to rely on the provisions of Section 7 of its Establishment Act.
“The problem of mysterious wealth is not exclusive to any one area. To address it, jurisdictional laws have been passed all over the world.
Countries all over the world still deal with crimes resulting from money laundering schemes and illegal money.
Due to this situation, Unexplained Wealth Orders (UWOs) were issued and went into effect in 2018.
A number of nations have developed UWO, including the Caribbean’s Kenya, Zimbabwe, and Tobago, as well as the United Kingdom, Australia, and Mauritius.
Nigeria has not yet developed a national law pertaining to it, he stated.