- July 12, 2018
- Posted by: Godwin Elijah
- Category: National News
President Muhammadu Buhari has signed the Nigerian Financial Intelligence Unit bill-NFIU 2018 into law, creating a body that will henceforth monitor illegal money transfers and money laundering.
The Senior Special Assistant to the President on National Assembly Matters (Senate), Senator Ita Enang, who confirmed this while briefing State House correspondents in Abuja, 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 operating in the African Region.
According to him, the Act is intended to allow the agency to collate and disseminate financial intelligence to security agencies, intelligent agencies and other agencies which are entitled to receive it.
He stressed that the law is intended to amend the EFCC Act, and the Terrorism Prevention Act, so that all the functions of financial intelligence which were performed by each of these agencies will now be handled by the Nigerian Financial Intelligence Unit independently.