The Senate President, Bukola Saraki-led Senate, is set to pass a law that would make the Nigerian Financial Intelligence Unit, NFIU, independent of the Economic and Financial Crimes Commission, EFCC.
The decision was on Wednesday, based on the reported suspension of the NFIU from the Egmont Group.
Critics against the separation of the NFIU from the EFCC, have said it would weaken the anti-graft agency, which has tackling financial crimes, as one of its main task.
The NFIU, an arm of the Economic and Financial Crimes Commission, EFCC, was reportedly suspended from the Egmont Group of Financial Intelligence Units, over Nigeria’s failure to provide legal framework that will make the NFIU autonomous, The Cable reported, last week.
The NFIU, helps tackle money laundering, and monitors financial flows, task eased by its membership of the Egmont Group, whose members share intelligence relating to international finance and illicit flow.
More later…
