President Buhari Signs Financial Intelligence Unit Act

President Muhammadu Buhari has signed the Nigeria Financial Intelligence Unit Act into law.

According to the Senior Special Assistant to the President on National Assembly Matters (Senate), Senator Ita Enang, NFIU is the Nigerian arm of the global Financial Intelligence Units (FIUs) which was before now domiciled within the Economic and Financial Crimes Commission (EFCC) as an autonomous unit and operating in Africa.

Senator Ita Enang said that the NFIU seeks to comply with international standards on combating money laundering, financing of terrorism, proliferations and checking of suspicious transactions.

Enang said that with the signing of the bill, the NFIU will cease to exist as a department in the Economic and Financial Crimes Commission.

“NFIU will now be domiciled in the Central Bank of Nigeria, but as an autonomous and Independent body,” Senator Enang said.