Evaluating the ability of the National Agency for Financial Investigation of Cameroon and the Nigerian Economic and Financial Crimes Commission in combating Money Laundering

Abstract

Illicit financial flows remain a serious problem to both developed and developing countries with tremendous negative impact on the economy. Although the police is there to investigate offences, certain offences are more sophisticated in nature thereby, necessitating the establishment of specialized agencies to investigate such offences. Nigeria and Cameroon have very common similarities when it comes to corruption and efforts to eliminate it led to the creation of the Economic and Financial Crimes Commission (EFCC) and the National Agency for Financial Investigation (ANIF). These agencies have the mandate to fight against money laundering and terrorist financing but the mandate of the EFCC is more extended with tremendous powers to investigate and directly prosecute offenders. ANIF does not have such powers and only report to the prosecution after investigation. This is attributed to the fact it is Financial Intelligence Unit (FIU) whose functions are usually limited to collection, analysis and dissemination of information related to money laundering, associated predicate offences and the financing of terrorism. Cameroon has opted for the administrative model lodged within the Ministry of Finance. The objective of this paper is that it seeks to make a comparative study of the EFCC and ANIF in the fight against financial crimes and to draw a line as to the model that is more efficient. To achieve this, a qualitative research approach was adopted. Accordingly, the doctrinal method was used which enabled us to do an on desk analysis of the available secondary and primary data on the EFCC and ANIF. This paper recommends that more sophisticated means should be given to the EFCC and that the CEMAC sub region should adopt the Nigerian model which has proven to be more successful in combating illicit financial flows.