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Egmont Suspension: Senate Moves To Separate N‎FIU From EFCC

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The Nigerian Senate resolved to enact law that grants autonomy to Nigerian Financial Intelligence Units (NFIU) which is under supervision of EFCC.
EFCC chairman, Ibrahim Magu

‎The Nigerian Senate, on Wednesday, resolved to enact a law that will grant autonomy to Nigerian Financial Intelligence Units (NFIU) which is under supervision of Economic and Financial Crimes Commission [EFCC].

Senate decision was sequel to the suspension of NFIU from the Egmont Group, as reported by Elombah.com.

Established in 1995, the objectives of Egmont Group are to foster international collaboration in the exchange of intelligence by member states and set standards on best practices for Financial Intelligence Units [FIUs].

NFIU is the Nigerian arm of the global FIUs domiciled within the EFCC as an autonomous unit and operating in the African Region. 

The NFIU seeks to comply with international standards on combating Money Laundering and Financing of Terrorism and proliferation.

Elombah.com had earlier reported that the Canada-based Egmont Group had suspended Nigeria after several attempts to get it to grant autonomy to NFIU failed.

However, Senator Chukwuka Utazi who sponsored ‎said the interference of Ibrahim Magu, acting chairman of the Economic and Financial Crimes Commission (EFCC), in the affairs of the NFIU is another reason Nigeria was suspended.

‎In his words, “By virtue of our membership of the group, NFIU enjoys the benefit of privileged information which the members of the group share among themselves.‎

“This intelligence sharing is crucial to the universal and local war against corruption, money laundering, terrorism, financial and economic crimes.

“Apart from the suspension of Nigeria this July, the group has given Nigeria up to December 2017 to address the issues raised in the suspension or be expelled which will attract international sanctions.”

Contributing to the motion, Senator Dino Melaye said‎: “Separating the NFIU from the EFCC will ensure transparency in the fight against corruption.

After exhaustive debate on the motion, Senate adopted the prayer to present a bill that will grant autonomy to NFIU.

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