By Dipo Olowookere
The suspension earlier placed on the Nigeria Financial Intelligent Unit (FIU) by the Egmont Group of Financial Intelligent Units has now been removed.
This followed the removal of the NFIU from the Economic and Financial Crimes Commission (EFCC) and domiciled in the Central Bank of Nigeria (CBN), with the agency re-christened as the Nigerian Financial Intelligence Unit (NFIU).
This was lawfully done with the amendment of section 1(2) (C) of the EFCC Establishment Act, which removed the FIU from the EFCC.
On July 5, 2017, Nigeria was suspended from the Egmont Group of Financial Intelligence Units because it had refused to make NFIU an independent body.
As a result of the suspension, the country was unable to share useful and vital information with its counterparts across the globe.
The Egmont Group, an informal coalition of Financial Intelligence Units from 155 countries around the world, is a network that secures exchange of expertise and financial intelligence with capability to fight money laundering, terrorism financing and serious financial crimes.
At its 25th Egmont Group of Financial Intelligence Units’ plenary in Sydney, Australia, the group announced the lifting of the suspension on Nigeria.
“It means we’re back as a member of the group of Financial Intelligence Units and can share information with our counterparts across the globe.
“Beyond that, you’ll recall also that the processing of our application for the membership of the Financial Action Task Force (FATF) was suspended, hence the high- powered delegation from the FATF that was supposed to come to Nigeria could not come,” Chairman of the House of Representatives Committee on Financial Crimes, Mr Kayode Oladele, commented on the development.
