Buhari signs Nigeria Financial Intelligence Unit bill into law

President Muhammadu Buhari has signed the Nigerian Financial Intelligence Unit (NFIU) Bill into law.

The new law establishes the NFIU a central body in Nigeria responsible for receiving, requesting, analysing and disseminating financial intelligence reports and other information to law enforcement, security and intelligence agencies and other relevant authorities to enable the institutions to act on the same.

The act also dissolves the Nigeria Financial Intelligence Unit established in the Economic and Financial Crimes Commission (EFCC) Act and amends the same as well as the Money Laundering (Prohibition) Act and the Terrorism (Prevention) Act, among others.

The NFIU which is an independent and operationally autonomous body is “institutionally domiciled” in the Central Bank of Nigeria, according to the Special Adviser to the President on National Assembly Matters, Ita Enang.

Among the key objectives of the Act is the creation of a legal, institutional and regulatory framework to ensure transparency, effective and efficient management, administration and operation of the NFIU.

The Act is also expected institutionalize best practices in financial intelligence management in Nigeria and strengthen the existing system for combating money laundering and associated predicated offences, financing of terrorism and proliferation of weapons of mass destruction.

The National Assembly passed the NFIU bill in March 2018.