Section 17 EFCC Act 2004

Section 17 of the EFCC Act 2004 is about Retention of proceeds of a criminal conduct.

A person who –
(a) whether by concealment, removal from jurisdiction, transfer to nominees or otherwise or otherwise retains the control of the proceeds of a criminal conduct or an illegal act on behalf of another person knowing that the proceeds is as a result of criminal conduct by the principal; or

(b) knowing that any property is in whole or in part directly or indirectly represents another person’ s proceeds of a criminal conduct, acquires or uses that property or has possession of it, commits an offence and is liable on conviction to imprisonment for a term not less than 5 years or to a fine equivalent to 5 times the value of the proceeds of the criminal conduct or to both such imprisonment and fine.