Economic and Financial Crimes definition

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.;
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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 organised manner thereby violating existing legislation governing the economic activities of government and its administration and
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Economic and Financial Crimes means the non-violent criminal and illicit activity committed with the objective 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…”
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Examples of Economic and Financial Crimes in a sentence

  • Europol has stepped up its efforts in order to tackle economic and financial crime with the new European Economic and Financial Crimes Centre (EFECC), which should become operational in the course of 2020.

  • Consider a constitutional provision to abolish criminal immunity for the president and state governors, and encourage law enforcement bodies such as the Economic and Financial Crimes Commission (EFCC) to prosecute cases of local and state government corruption.

  • The team included Ngozi Okonjo-Iweala, a former World Bank official who was appointed finance minister, and Nuhu Ribadu, who was assigned to become chairman of the Economic and Financial Crimes Commission.

  • The Nigerian administrationshould press law enforcement bodies such as the Economic and Financial Crimes Commission (EFCC) to prosecute cases of local and state government corruption.

  • Media articles reported that at the end of 2017, the Dutch ambassador to Nigeria informed the local Shell director of an impending visit by the FIOD to the Nigerian Economic and Financial Crimes Commission in the context of the confidential OPL 245 investigation.

  • Impeached in December 2005 as governor of Bayelsa State, then arrested immediately by the Economic and Financial Crimes Commission (EFCC) and tried for corruption, he was offered a plea bargain.

  • The Economic and Financial Crimes Commission stated that it would investigate claims that some MPs had been offered bribes to support the moves to allow the President to have a third term in office.

  • In an article published in allAfrica.com in April 2007, Nuhu Ribadu, the Executive Chairman of the Economic and Financial Crimes Commission (EFCC) [the Government’s anti-corruption agency], acknowledges that corruption in Nigeria is a serious problem, but states that the EFCC has had some success in tackling it.

  • The NIMC is governed by the Governing Board, a body comprising of 19 members representing 15 Federal Government Agencies including the Economic and Financial Crimes Commission, offices of the Chief of Defense Staff, National Security Adviser, Department of State Security Services and the Nigerian Police Force.

  • Below changes in the Company’s financial or trading position have occurred since 31 December 2019, as also discussed in Section 6.3 (“History and important events”) and Section 9 (“Capitalisation and Indebtedness”).

Related to Economic and Financial Crimes

  • Financial Crime means money laundering, terrorist financing, bribery, corruption, tax evasion, fraud, evasion of economic or trade sanctions, and/or any acts or attempts to circumvent or violate any Laws relating to these matters.

  • Economic abuse means any behaviour that has a substantial adverse effect on B’s ability to—

  • Economic Sanctions refers to sanctions imposed by the U.S. government in response to Russia’s actions in Ukraine, as well as any sanctions imposed under state law. The EO directs state agencies to terminate contracts with, and to refrain from entering any new contracts with, individuals or entities that are determined to be a target of Economic Sanctions. Accordingly, should the State determine Contractor is a target of Economic Sanctions or is conducting prohibited transactions with sanctioned individuals or entities, that shall be grounds for termination of this agreement. The State shall provide Contractor advance written notice of such termination, allowing Contractor at least 30 calendar days to provide a written response. Termination shall be at the sole discretion of the State.

  • Financial Crime Risk Management Activity means any action to meet Compliance Obligations relating to or in connection with the detection, investigation and prevention of Financial Crime that the Bank or members of the HSBC Group may take.

  • U.S. Economic Sanctions is defined in Section 5.16(a).

  • Foreign Assets means any of the Portfolios’ investments (including foreign currencies) for which the primary market is outside the United States and such cash and cash equivalents as are reasonably necessary to effect the Portfolios’ transactions in such investments.

  • Economic Sanctions Laws means those laws, executive orders, enabling legislation or regulations administered and enforced by the United States pursuant to which economic sanctions have been imposed on any Person, entity, organization, country or regime, including the Trading with the Enemy Act, the International Emergency Economic Powers Act, the Iran Sanctions Act, the Sudan Accountability and Divestment Act and any other OFAC Sanctions Program.

  • parent mixed financial holding company in a Member State means a mixed financial holding company which is not itself a subsidiary of an institution authorised in the same Member State, or of a financial holding company or mixed financial holding company set up in that same Member State;

  • U.S. Economic Sanctions Laws means those laws, executive orders, enabling legislation or regulations administered and enforced by the United States pursuant to which economic sanctions have been imposed on any Person, entity, organization, country or regime, including the Trading with the Enemy Act, the International Emergency Economic Powers Act, the Iran Sanctions Act, the Sudan Accountability and Divestment Act and any other OFAC Sanctions Program.

  • Michigan economic growth authority means the Michigan economic growth authority created in the Michigan economic growth authority act, 1995 PA 24, MCL 207.801 to 207.810.

  • parent financial holding company in a Member State means a financial holding company which is not itself a subsidiary of an institution authorised in the same Member State, or of a financial holding company or mixed financial holding company set up in the same Member State;

  • International Financial Reporting Standards means the accounting standards and interpretations adopted by the International Accounting Standards Board.

  • Proceeds of crime means any property derived from or obtained, directly or indirectly, through the commission of an offence;

  • Foreign Financial Regulatory Authority shall have the meaning given by Section 2(a)(50) of the 0000 Xxx.

  • Central Bank Regulations means the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations, 2019, as may be amended from time to time;

  • Community rate means a rate of payment based on a per member per month capitation rate or its equivalent that applies to a combination of the subscriber groups for a comprehensive medical plan carrier. References in this subchapter to ‘‘a combination of cost and price analysis’’ relating to the ap- plicability of policy and contract clauses refer to comprehensive medical plan carriers using community rates.

  • Equal Credit Opportunity Act means the Equal Credit Opportunity Act, as amended.

  • Energy Market Opportunity Cost means the difference between (a) the forecasted cost to operate a specific generating unit when the unit only has a limited number of available run hours due to limitations imposed on the unit by Applicable Laws and Regulations, and (b) the forecasted future Locational Marginal Price at which the generating unit could run while not violating such limitations. Energy Market Opportunity Cost therefore is the value associated with a specific generating unit’s lost opportunity to produce energy during a higher valued period of time occurring within the same compliance period, which compliance period is determined by the applicable regulatory authority and is reflected in the rules set forth in PJM Manual 15. Energy Market Opportunity Costs shall be limited to those resources which are specifically delineated in Operating Agreement, Schedule 2. Energy Resource:

  • Academies Financial Handbook means the DfE’s financial handbook for Academies in force from time to time;

  • Foreign Asset Control Regulations has the meaning set forth in Section 10.18.

  • Payroll Tax Executive Order means the Presidential Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster, as issued on August 8, 2020 and including any administrative or other guidance published with respect thereto by any Taxing Authority (including IRS Notice 2020-65).

  • Adjusted community rate means the rating method used to

  • Broad-Based Black Economic Empowerment Act means the Broad-Based Black Economic Empowerment Act, 2003 (Act No. 53 of 2003);

  • Foreign Asset Sale shall have the meaning provided in Section 5.2(i).

  • Proceeds of Crime Act means the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada), as amended from time to time, and including all regulations thereunder.

  • Financial Instruments Accounts Act means the Swedish Financial Instruments Accounts Act (lag (1998:1479) om kontoföring av finansiella instrument).