- Nigerian Senate vowed to separate Nigerian Financial Intelligence Unit from the Economic and Financial commission
- NFIU is an arm of the Economic and Financial Crimes Commission that helps tackle money laundering and monitor financial flows
- Egmont group, a global body which monitors international money laundering activities, recently suspended Nigeria
The Nigerian Senate said it would pass a new law that will separate Nigerian Financial Intelligence Unit (NFIU) from the Economic and Financial commission (EFCC) and make it independent.
The Senate made this known on Wednesday based their decision on the reported suspension of the NFIU from the Egmont Group.
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Legit.ng reports that the NFIU is an arm of the Economic and Financial Crimes Commission that helps tackle money laundering and monitor financial flows.
NFIU's membership of the Egmont Group allows members share intelligence relating to international finance and illicit flow.
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The Cable had reported that NFIU was suspended from the Egmont Group of Financial Intelligence Units over Nigeria’s failure to provide a legal framework that will make the NFIU autonomous.
Legit.ng had earlier reported that Nigeria was suspended and may likely be expelled from the Egmont group, a global company monitoring money laundering activities in the world.
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 Nigeria Financial Intelligence Unit (NFIU) by January 2018.
According to a report by The Cable, if the country is expelled, it will no longer be able to benefit from financial intelligence shared by the other 153 member countries, including the US and the UK, while the country’s ability to recover stolen funds abroad will also be hampered.
However, some people believe that separating the NFIU from the EFCC will weaken the EFCC.
Watch this Legit.ng video of the EFCC staging a walk against corruption: