By Haruna Gimba
Nigeria’s President Muhammadu Buhari has assented to a bill that removed the Nigerian Financial Intelligence Unit from the Economic and Financial Crimes Commission (EFCC).
Health Reporters gathered that the NFIU which is the Nigerian arm of the global financial intelligence unit was formerly domiciled in the EFCC. However, with the signing of the new Act, NFIU will now be independent of the EFCC.
President Muhammadu Buhari
Addressing State House correspondent, the Senior Special Assistant to the President on National Assembly Matters, Senator Ita Enang, said the new law sought to comply with international standards on combating money laundering, financing of terrorism and check suspicious transactions.
The establishment of the NFIU is based on the requirements of Recommendation 29 of the Financial Action Task Force Standards and Article 14 of the United Nations Convention Against Corruption.
The NFIU is empowered to receive currency transactions reports, suspicious transactions reports, currency declaration reports and other information relating to money laundering and terrorist financing activities from financial institutions and designated non-financial institution.
It will also receive reports on the cross-border movement of currency and monetary instruments, maintain a comprehensive financial intelligence database for information collection, analysis and exchange with counterpart FIUs and law enforcement agencies around the world.
