4.3.7 A cursory look at the figures in table 3.0 shows that actual tax collections exceeded tax targets from 2008 to 2010. However, tax receipts reduced significantly in 2009 due to the fall in oil prices as a result of the global economic
and financial crises. A growth rate of 29.27% of tax receipts was recorded in
2010.
4.4
Objective Four: Fight Against Corruption and Money Laundering
4.4.1 The fight against corruption and money laundering is being pursued vigorously. The EFCC has cumulatively recovered assets valued over US$11.0 billion
and secured over 650 convictions. As part of the efforts to reposition anticorruption and anti-money laundering agencies, the Money Laundering (Prohibition Act 2004) has been revised. The EFCC currently operates the revised
version of the Money Laundering (Prohibition Act) 2011 which addresses the
observed loopholes in the 2004 Act, especially as it relates to the Nigerian Financial Intelligence Unit (NIFU) and the Special Control Unit, two units which
deal with Designated and Non-Designated Financial Institutions in Nigeria.
4.4.2 For purposes of strengthening the Commission and providing more interfaces
with the public, some strategic units were created. These include the following:
the Transactions Clearing Platform: This enables foreign investors seek
the EFFC to check out their prospective business partners here in Nigeria
before they formalize their business transactions. This is an online interface and has saved many investors from being duped by some unscrupulous businessmen. It is done with assistance from the Corporate Affairs
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