Senate clears the way for NFIU autonomy

Reps pass bill seeking to make NFIU autonomous

Senate clears the way for NFIU autonomy

While the Senate domiciled the unit at the Central Bank of Nigeria (CBN), the House wanted it to be retained at the Economic and Financial Crimes Commission (EFCC).

Saraki said: "Today, in-line with our commitment to support the fight against corruption through legislation, we passed the Report of the Nigerian Financial Intelligence Unit (NFIU)".

The lawmakers adopted the harmonised report of the conference committee from both chambers of the national assembly on Tuesday.

The senate passed it's own version of the NFIU bill in September previous year while the harmonized and final copy was passed yesterday by the House of Representatives at the plenary presided over by the Deputy Speaker, Sulaimon Yussuff Lasun.

The Senate, Nigeria's upper house, is expected to approve the bill on Wednesday.

The Senate, yesterday, received the conference committee report on a bill to establish Nigerian Financial Intelligence Unit, NFIU, as an independent entity in an effort to avoid the country from being expelled from the Egmont Group.

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According to him, the passage was to ensure that Nigeria's suspension from EGMONT group does not translate to expulsion.

The News Agency of Nigeria (NAN) reports that Nigeria is now serving a suspension from the EGMONT group which has accused the EFCC of sharing confidential information to media.

The confirmation followed the consideration of the report of Senate Committee on Judiciary, Human Rights and Legal Matters during plenary.

The bill will be sent to President Muhammadu Buhari for final approval. I hope that by passing the conference report, they will have a second view and re-admit us.

Nigeria risked being expelled by the Egmont Group if the bill wasn't passed earlier.

It will be recalled that Nigeria is now serving a suspension from Egmont Group, a body of 154 financial intelligence units, FIUs across the world, which provides a platform for the secure exchange of expertise and financial intelligence to combat money laundering and terrorist financing. This could mean a refusal to process tens of thousands of payments.

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