BREAKING NEWS Why NFIU Bill Was Passed - Senate President Explains

BREAKING NEWS

Why NFIU Bill Was Passed - Senate President Explains

Senate President, Bukola Saraki, has explained why the National Assembly passed the Report of the Nigerian Financial Intelligence Unit (NFIU).

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

In a statement on Wednesday evening, Saraki said the passage would also enable the country to access the financial intelligence data of the group.

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).

“Many of you will remember that late last year, the Senate raised the alarm over Nigeria’s suspension from the EGMONT Group — based on the lack of independence of the NFIU as currently established.

“This is why, both chambers of parliament swung into action to ensure that our current suspension, does not turn into an eventual expulsion.

“Hence, today’s passage of the Conference Committee Report of the Bill is aimed at ensuring that we comply with international best practices, so that we will be able to access the financial intelligence data of the EGMONT Group.

“Moving forward, it is my hope that the Executive quickly assents to this Bill. Additionally, it is important that beyond the establishment of the law, Nigeria’s Financial Intelligence Unit will truly be independent.”

NAIJA VOICE reports that the EGMONT Group is a network of 152 member countries that share information relating to criminal intelligence and financial information.

The group had threatened to expel Nigeria permanently by March 11 if the Nigerian government failed to grant the NFIU the autonomy it required to be a member of EGMONT

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