• Money Laundering Act of 1995 (now 2004)
• Advance Fee Fraud (otherwise known as 419) and other Related Offences Act of 1995)
• Failed Banks (Recovery of Debts) and Financial Malpractice in Banks Act of 1996
• Banks and other Financial Institutions Act of 1991
• Miscellaneous Offences Act 1985

The commission is under obligation by law to make a comprehensive report of its activities to the National Assembly not later than the 30th of September every year.

The EFCC since its establishment has recorded great strides in advancement of its duties. It has started the process of cleansing the business environment, fighting corruption, ensuring accountability in government, sanitising and stabilising the banking sector through loan recoveries etc.

• The commission between May 2003 and June 2004 recovered money and assets derived from crime worth over $700million.
• It also recovered another £3million from the British government.
• It arrested virtually all the notorious advance fee fraud kingpins. It got over 500 suspects in custody and most of them stood trials in the various high courts in the country.
• It instituted the prosecuting of over 100 cases in court and investigated over 300 cases at various stages.
• It instituted the prosecution of one of the biggest world fraud cases involving about $242million arising from a bank fraud in Brazil.
• It increased the revenue profile of the nation by about 20% due to its activities in the Federal Inland Revenue Service and the Seaports.
• Recovered revenue of over N20billion for government.
• Played a key role in the government reform programmes e.g. restructuring of the Nigerian Custom Service.
• Recovered billions for government in respect of failed government contracts.
• It has curbed illegal oil bunkering in the Niger – Delta region. The initial daily illegal bunkering of about 300,000 – 500,000 barrels has now substantially reduced to anything less than 30 thousand barrels.
• It also curbed smuggling activities in the seaports and land borders.

Its activities sanitised the banking sector. The know your customer “KYC” principle is now substantially applied. Bank staff including a Managing Director was made to stand trial for fraud.12