FG launches intelligence unit to detect money laundering and illegal money transfers
The new law which is supposed to be Nigeria’s arm of the global Financial Intelligence Units (FIUs) is set to create a financial intelligence unit that would keep close tabs on illicit financial transactions.
Prior to this time, the unit was domiciled with the Economic and Financial Crimes Commission EFCC.
Briefing State House correspondents in Abuja on Wednesday, Senior Special Assistant to the President on National Assembly Matters (Senate), Sen. Ita Enang said the Act is intended to allow the new agency to collate and disseminate financial intelligence to security agencies, intelligent agencies and other agencies which are entitled to receive it.
“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,” Enang said.