The house of representatives has passed the bill seeking
to establish the Nigerian Financial Intelligence Unit (NFIU) as an
autonomous body.
The lawmakers adopted the harmonised report of the conference
committee from both chambers of the national assembly on
Tuesday.
Kayode Oladele, chairman of the house committee on financial and
economic crimes, had presented the report to the house during
plenary.
The bill seeks to establish the NFIU as the central body
responsible for receiving, requesting and analysing financial
intelligence report.
The senate had passed the bill in July, but it was put on hold
at the house of representatives.
On Sunday, Senate President Bukola Saraki hinted that the house
of representatives would pass the bill this week.
Last year, TheNigerialawyer reported the suspension of Nigeria
by Egmont Group because of the “interference” of the Economic and
Financial Crimes Commission (EFCC) in the workings of the unit.
Ahead of its meeting in Buenos Aires, Argentina, between March
11 and March 16, Nigeria is expected to make NFIU independent in
order to avoid expulsion.
In the event of an expulsion, Nigeria would no longer benefit
from financial intelligence shared by the 153 member countries,
while the country’s ability to recover stolen funds abroad will be
hampered.
Nigeria will also be blacklisted in international finance and
this could affect the use of credit and debit cards by Nigerians
abroad.
The house of representatives has passed the bill seeking
to establish the Nigerian Financial Intelligence Unit (NFIU) as an
autonomous body.
The lawmakers adopted the harmonised report of the conference
committee from both chambers of the national assembly on
Tuesday.
Kayode Oladele, chairman of the house committee on financial and
economic crimes, had presented the report to the house during
plenary.
The bill seeks to establish the NFIU as the central body
responsible for receiving, requesting and analysing financial
intelligence report.
The senate had passed the bill in July, but it was put on hold
at the house of representatives.
On Sunday, Senate President Bukola Saraki hinted that the house
of representatives would pass the bill this week.
Last year, TheNigerialawyer reported the suspension of Nigeria
by Egmont Group because of the “interference” of the Economic and
Financial Crimes Commission (EFCC) in the workings of the unit.
Ahead of its meeting in Buenos Aires, Argentina, between March
11 and March 16, Nigeria is expected to make NFIU independent in
order to avoid expulsion.
In the event of an expulsion, Nigeria would no longer benefit
from financial intelligence shared by the 153 member countries,
while the country’s ability to recover stolen funds abroad will be
hampered.
Nigeria will also be blacklisted in international finance and
this could affect the use of credit and debit cards by Nigerians
abroad.
Read more https://nairalaw.com/reps-pass-bill-seeking-to-make-nfiu-autonomous/