Section 46 EFCC Act 2004
Section 46 of the EFCC Act 2004 is about Interpretation.
In this Act –
Interpretation “Commission” means the Economic and Financial Crimes Commission established by Section 1 of this Act;
“Court” means the Federal High Court or the High court of the Federal Capital Territory or the High Court of a State;
“Designated non-financial institutions means dealers in “jewellery, cars and luxury goods, chartered accountants, audit firms, tax consultants, clearing and settlement companies, legal practitioners, hotels, casinos, supermarkets or such other business as the Federal Ministry of Commerce or appropriate regulatory authorities may from time to time designate”
“Economic and Financial Crimes” means the non-violent criminal and illicit activity committed with the objectives of earning wealth illegally either individually or in a group or organized manner thereby violating existing legislation governing the economic activities of government and its administration and includes any form of fraud, narcotic drug trafficking, money laundering, embezzlement, bribery, looting and any form of corrupt malpractices, illegal arms deal, smuggling, human trafficking and child labour, illegal oil bunkering and illegal mining, tax evasion, foreign exchange malpractices including counterfeiting of currency, theft of intellectual property and piracy, open market abuse, dumping of toxic wastes and prohibited goods, etc.;
“Financial Institution” means banks, body, association or group of persons whether corporate or incorporate which carries the business of investments and securities, a discount house, insurance institutions, debt factorization and conversion firms, bureau de Change, finance Company, Money brokerage firms whose principal business includes factoring, project financing equipment leasing, debt administration, fund management, private ledger services, investment services, local purchase order financing, export finance, project consultancy , pension funds management and other business as the Central Bank or other appropriate regulatory authorities may from time to time designate.
“other appropriate regulatory authorities” includes the Securities and Exchange Commission ,National Insurance Commission and the Federal ministry of Commerce;
“Terrorism” means
(a) any act which is a violation of the Criminal Code or the Penal Code and which may endanger the life, physical integrity or freedom of, or cause serious injury or death to, any person, any number or group of persons or causes or may cause damage to public property, natural resources, environmental or cultural heritage and is calculated or intended to
(i) intimidate, put in fear, force, coerce, or induce any government, body, institution, the general public or any segment thereof, to do or abstain from doing any act or to adopt or abandon a particular standpoint, or to act according to certain principles, or
(ii) disrupt any public service, the delivery of any essential service to the public or to create a public emergency, or
(iii) create general insurrection in a state;
(b) any promotion, sponsorship of, contribution to, command, aid incitement, encouragement, attempt threat, conspiracy, organization or procurement of any person, with the intent to commit any act referred to in paragraph (a) (i), (ii) and (iii).
