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Egmont lifts suspension on Nigerian Financial Intelligence Unit
Following the passage of the Nigerian Financial Intelligence Agency Bill, the Egmont Group of Financial Intelligence Units has lifted the suspension it placed on the Nigerian Financial Intelligence Unit (NFIU).
The Chairman, House of Representatives Committee on Financial Crimes, Kayode Oladele, who confirmed the development on Wednesday, said it was announced at its 25th plenary ongoing in Sidney Australia.
According to Oladele, the lifting of the suspension came after the Nigerian authorities fulfilled all requirements by the international body.
The Egmont Group is a global body of 155 financial intelligence units across the world, which facilitates the exchange of financial intelligence, expertise and capability.
The intelligence units combat money laundering, terrorism, financing and serious financial crime.
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On July 2, 2017, the group had suspended the NFIU, an arm of the Economic and Financial Crimes Commission (EFCC), after its plenary in Macao, China due to lack of a legal framework and autonomy.
Oladele said, “After the suspension was announced in 2017, Nigeria’s membership of the Financial Action Task Force was also suspended.
“Consequently, we introduced the Nigerian Financial Intelligence Agency Bill in the National Assembly, which was passed. After the passage, we had a conference committee meeting, which worked on the grey areas.
“We now have the Nigerian Financial Intelligence Unit law, which means that we have complied with the international directives and given a legal framework to the NFIU.
“After the submission of the law to the Egmont Group, a fact-finding mission was sent to Nigeria earlier in this September 2018 and they paid an unscheduled visit to the NFIU office in Abuja.
“They inspected all our facilities and they were impressed. So, at the meeting on Wednesday in Sydney, the report was tabled before the plenary and the suspension was lifted.”
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