President Muhammadu Buhari today signed the Nigeria Financial Intelligence Unit (NFIU) Bill.
The Senior Special Assistant to the President on National Assembly Matters (Senate), Ita Enang, gave this hint while briefing State House correspondents after the Federal Executive Council (FEC) meeting in Abuja
He explained that with the new law giving distinct legal identity to the Unit, it would now be domiciled in the Central Bank of Nigeria (CBN) as an autonomous and independent body.
The Nigerian Financial Intelligence Unit (NFIU) is the Nigerian arm of the global financial intelligence Units (FIUs) domiciled within the EFCC as an autonomous unit and operating in the Africa.
It seeks to comply with international standards on combating Money Laundering and Financing of Terrorism and proliferation.
According to its enabling legislation, the establishment of the NFIU is based on the requirements of Recommendation 29 of the Financial Action Task Force (FATF) Standards and Article 14 of United Nations Convention Against Corruption (UNCAC).
Prior to the latest enactment of its own Act, the NFIU largely drew its powers from the Money Laundering (Prohibition) Act 2011 as amended in 2012 and the Economic & Financial Crimes Commission (EFCC) establishment Act, 2004.
Its core mandate as required by international standard is to serve as the “national center for the receipt and analysis of: (a) suspicious transaction reports; and (b) other information relevant to money laundering, associated predicate offences and terrorist financing, and for the dissemination of the results of the analysis to law enforcement and anti-corruption agencies