Nigerian Senate initiates bill to remove financial intelligence unit from EFCC

The Nigerian Senate on Thursday, July 20, received a bill to establish the Nigerian Financial Intelligence Agency (NFIA). This is a step closer to making the financial intelligence unit which is under the Economic and Financial Crimes Commission (EFCC) independent.

We gathered that the bill, introduced by Chukwuka Utazi, was read for the first reading today.

This is following the development that came after the EFCC, took a step to “reposition” the NFIU and make it “an autonomous unit under the EFCC”.

Information reported that the Senate said it would pass a new law that will separate Nigerian Financial Intelligence Unit (NFIU) from the EFCC and make it independent.

The Senate made this known on Wednesday basing their decision on the reported suspension of the NFIU from the Egmont Group.

NFIU's membership of the Egmont Group allows members share intelligence relating to international finance and illicit flow.

According to report, Nigeria will be expelled from the global body which provides the backbone for monitoring international money laundering activities if it fails to comply with the group’s demands for a legal framework granting autonomy to the NFIU by January 2018.

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NaijaPrince.com: Nigerian Senate initiates bill to remove financial intelligence unit from EFCC
Nigerian Senate initiates bill to remove financial intelligence unit from EFCC
The Nigerian Senate on Thursday, July 20, received a bill to establish the Nigerian Financial Intelligence Agency (NFIA).
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