The concept of economic and financial crimes which are generally corrupt practices has assumed alarming proportion in Nigeria. This
article after highlighting the traditional roles, examined the effectiveness or otherwise of the novel roles of regulatory institutions in the combat against economic and financial crimes in Nigeria. The research methodology adopted is the doctrinal research approach, and relied upon primary and secondary sources of law like the Constitution of the Federal Republic of Nigeria 1999 (as amended), Proceeds of Crime (Recovery and Management) Act 2022, Money Laundering (Prevention and Prohibition) Act 2022, Nigerian Financial Intelligence Unit Act 2018 and other judicial authorities, to mention but a few. It was found amongst other things that over two months after the enactment of the Proceeds of Crime (Recovery and Management) Act 2022, less than three
of the listed eighteen regulatory institutions has established the proceeds of crime management directorate and that the failure to set up the Special Control Unit against Money Laundering (SCUML) as a directorate under the Financial Intelligence Unit (NFIU) may lead to another crisis with the Egmont Group given the financial intelligence functions of SCUML in relation to designated non financial business and professions (DNFBP). The recommendation of this article includes that the Nigerian
Financial Intelligence Unit Act 2018 should be amended in order to establish the SCUML as a directorate under the NFIU and that the
function of monitoring compliance of relevant institutions to the provisions of the Proceeds of Crime (Recovery and Management) Act
2022 and Money Laundering (Prevention and Prohibition) Act 2022 should be vested on an independent professional body like the Nigerian
Bar Association (NBA).
Keywords: Crime, Economic, Financial, Corruption.