National Assembly Passed A Bill To Grant NFIU Independent

National Assembly Passed A Bill To Grant NFIU Independent
Yakubu Dogara with Bukola Saraki/ Photo credit:

Demand from the Nigerian Financial Intelligence Unit (NFIU) to be Autonomous has been considered by the National Assembly, as they jointly passed a bill to support the motion on Wednesday March 7, 2018.

NFIU was operating under the Economic and Financial Crimes Commission (EFCC) before it was suspended by Egmont Group of Financial Intelligence Units in July 2017 for not being independent.

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The Egmont group is an information network of 156 financial intelligence unit. The group reportedly threatened to expel Nigeria permanently by March 11 this year, if NFIU is not granted independence.

To this effect, the report was considered in a joint meeting of the Senate and House of Representatives, in order to lift the suspension and to retain NFIU in the Egmont group.

Before now, it was gathered that Egmont suspended NFIU because EFCC, was allegedly leaking sensitive information to the media.

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In a statement, Egmont said; “The Heads of FIU made a decision, by consensus, to suspend the membership status of the NFIU, Nigeria, following repeated failures on the part of the FIU to address concerns regarding the protection of confidential information, specifically related to the status of suspicious transaction report (STR) details and information derived from international exchanges, as well as concerns on the legal basis and clarity of the NFIU’s independence from EFCC. The measure will remain in force until immediate corrective actions are implemented.”
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The bill will be sent to President Muhammadu Buhari for final approval.


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