- Nigerian Senate has initated a bill to separate the Nigerian Financial Intelligence Unit from the Economic and Financial Crimes Commission
- NFIU is an arm of the EFCC that helps to tackle money laundering and monitor financial flows
- Report had earlier surfaced that Nigeria may be expelled from Egmont Group, a global body for monitoring international money laundering activities
The Nigerian Senate on Thursday, July 20, received a bill to establish the Nigerian Financial Intelligence Agency (NFIA).
This is a step closer to making the financial intelligence unit which is under the Economic and Financial Crimes Commission (EFCC) independent.
NAIJ.com gathered that the bill, introduced by Chukwuka Utazi, was read for the first reading today.
This is following the development that came after the EFCC, took a step to “reposition” the NFIU and make it “an autonomous unit under the EFCC”.
NAIJ.com previously reported that the Senate said it would pass a new law that will separate Nigerian Financial Intelligence Unit (NFIU) from the EFCC and make it independent.
The Senate made this known on Wednesday basing their decision on the reported suspension of the NFIU from the Egmont Group.
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NFIU's membership of the Egmont Group allows members share intelligence relating to international finance and illicit flow.
According to report, 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 NFIU by January 2018.
Watch this NAIJ.com video of the EFCC staging a walk against corruption: