THE Nigerian Financial Intelligence Unit (NFIU) domiciled in the Economic and Financial Crimes Commission (EFCC) will soon be moved to the Central Bank of Nigeria (CBN).
This is according to a report on the Nation Newspapers reporting that the two legislative chambers at the National Assembly have agreed to so.
The Senate has scheduled to consider and adopt the report of the Conference Committee on the NFIU Bill on Wednesday.
The conference committee’s report has been submitted to the Senate by the Chairman, Senate Committee on Anti-Corruption and Financial Crimes, Senator Chukwuka Utazi.
The Bill seeks to grant financial and operational autonomy to the NFIU.
The Egmont group, a global network of 154 Financial Intelligence Units (FIUs), had suspended Nigeria at its last general meeting in July 2017.
The FIU threatened to expel the country if the Unit was not given autonomy by its next meeting holding on March 11, 2018.
If expelled, the country will suffer a blacklist in the global finance sector and Nigerian Banks will be unable to issue Mastercard and Visa credit/debit cards while card transactions with Nigerian originated cards will be blocked. This means Nigerians will be unable to carry out foreign transactions.
Deputy Senate President, Ike Ekweremadu, who presided over plenary, said that the Bill will be considered on tomorrow.
He commended Utazi and his counterpart in the House of Representatives, Kayode Oladele, for putting aside their differences and presenting a harmonised report.
He said that the Bill will be passed and signed into law before the group’s meeting this weekend.