Categories: EconomyNews

Buhari Signs Nigerian Financial Intelligence Unit Bill

President of the Federal Republic Of Nigeria, Muhammadu Buhari has signed the Nigerian Financial Intelligence Unit bill (NFIU) 2018 into law.

This was confirmed by the Senior Special Assistant to the President on National Assembly Matters (Senate), Sen. Ita Enang, while briefing State House correspondents in Abuja on Wednesday.

Enang said, the Nigerian Financial Intelligence Unit (NFIU) is the Nigerian arm of the global Financial Intelligence Units (FIUs) which was before now domiciled within the Economic and Financial Crime Commission (EFCC) as an autonomous unit and operating in the African Region.

“The Act creates NFIU to be domiciled in the Central Bank but to work autonomously and independently. The Act is intended to allow this agency to collate and disseminate financial intelligence to security agencies, intelligent agencies and other agencies which are entitled to receive it.

“And what they collate is for instance transfers of money where money comes from, where it goes and other suspicious transactions including transaction relating to terrorism financing.

“What the law also does is to amend the Economic and Financial Crimes Commission Act, the Money Laundering Prohibition Act and the Terrorism Prevention Act so that all these functions of financial intelligence which were performed by each of these agencies or which allowed the provision of money for illegal purposes or laundering would now be handled by the Nigerian Financial Intelligence Unit independently.

“And when they collate it they make it available to enforcement and enforcing institutions and that is the essence of the Act and it is available for every person, it has now become law.’’

He said that the NFIU sought to comply with international standards on combating money laundering and financing of terrorism and proliferation of weapons of mass destruction.

Enang emphasized that with the signing of the new Act, the NFIU would now be excised from the EFCC.

Recent Posts

Trump Vows To End Transgender In US

In a charged address at the AmericaFest conference in Phoenix, Arizona, United States President-elect Donald…

17 mins ago

Osun Vows To Stop Unrest In Border Communities

Osun State Government has assured residents of Ifon-Osun, Ilobu, and Erin-Osun that it is working…

56 mins ago

Wife Sets Ogun Cop Ablaze During Dispute

A wife, Sarah Ayinde, is on the run after setting her husband, Abidemi Ayinde, a…

1 hour ago

Stampedes: ‘You Must Seek Clearance’, Lagos Govt Warns Event Organisers

In a bid to prevent incidents of stampedes and ensure public safety during large gatherings,…

1 hour ago

Trending Stories In Osun Today

In Osun State today, the pulse of the people is abuzz with various stories that…

1 hour ago

Dec 23: Dollar To Naira Rate (Black Market)

As of today, December 23, 2024, the Nigerian naira has depreciated to an unprecedented level…

2 hours ago

This website uses cookies.