War against Corruption: President Buhari signs NFIU bill into Law

Buhari-signs-law

President Muhammadu Buhari has signed the Nigerian Financial Intelligence Unit (NFIU) Bill into law. Now law, the NFIU Act of 2018, establishes the NFIU a central body in Nigeria responsible for receiving, requesting, analysing and disseminating financial intelligence reports and other information to law enforcement, security and intelligence agencies and other relevant authorities to enable the institutions to act on the same.

Also, the act dissolves the Nigeria Financial Intelligence Unit established in the Economic and Financial Crimes Commission (EFCC) Act and amends the same as well as the Money Laundering (Prohibition) Act and the Terrorism (Prevention) Act, among others.

The NFIU which is an independent and operationally autonomous body is “institutionally domiciled” in the Central Bank of Nigeria, a statement by the Special Adviser to the President on National Assembly Matters, Senator Ita Enang, on Wednesday said.