Why we passed NFIU bill - Saraki

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Ekweremadu commended Senate and the House of Representatives Committees on Financial Crimes and Anti-Corruption for the report which would ensure Nigeria is not expelled from the EGMONT Group.

The NFIU bill, if it becomes law, is aimed at removing bureaucracy impeding investigations of financial crime and was taken under worldwide pressure on Nigeria to crack down on endemic corruption afflicting the economy and law enforcement. Chukwuka Utazi, Chairman, Senate Committee on Financial Crimes and Anti-Corruption said that NFIU would serve as a central body responsible for receiving, requesting and analysing financial intelligence reports.

The lawmakers adopted the harmonised report of the conference committee from both chambers of the national assembly on Tuesday.

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The clash between the Senate and House of Representatives on the Nigerian Financial Intelligence Agency (NFIU) bill has been resolved.

The senate passed it's own version of the NFIU bill in September past year while the harmonized and final copy was passed yesterday by the House of Representatives at the plenary presided over by the Deputy Speaker, Sulaimon Yussuff Lasun.

In the event of an expulsion, Nigeria would no longer benefit from financial intelligence shared by the member countries of the group.

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In his remarks, the President of the Senate, Dr Bukola Saraki, said "let me on behalf of the entire Senate congratulate the new Grand Khadi of Sharia Court of Appeal, Hon".

In a statement, Egmont said; "The Heads of FIU made a decision, by consensus, to suspend the membership status of the NFIU, Nigeria, following repeated failures on the part of the FIU to address concerns regarding the protection of confidential information, specifically related to the status of suspicious transaction report (STR) details and information derived from global exchanges, as well as concerns on the legal basis and clarity of the NFIU's independence from EFCC". I hope that by passing the conference report, they will have a second view and re-admit us.

"Moving forward, it is my hope that the Executive quickly assents to this Bill".

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Banking transactions above a stipulated threshold are automatically sent to the Financial Intelligence Unit.

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