The Economic and Financial Crimes Commission (EFCC) has introduced a new preventive strategy to combat financial crimes by freezing suspicious transactions within 72 hours. EFCC Chairman Ola Olukoyede announced this during a three-year scorecard presentation in Abuja, emphasizing the need to act before funds are moved or converted to cryptocurrency. The initiative is managed by the Fraud Risk Assessment and Control Department (FRAC), which detects and temporarily restricts suspicious transactions.
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