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.
more recommended stories
Stanbic IBTC Grooms Future Business Leaders Via YLS
Stanbic IBTC Bank Plc, a subsidiary.
Why I’m Very Popular With Kwara People—Governor
By Modupe Gbadeyanka **To Receive Another.
Nigeria, Ethiopia Sign Visa Waiver Agreement
By Modupe Gbadeyanka A visa waiver.
FGN, US Sign $1.1m Grant to Address Electricity Development in Nigeria
By Adedapo Adesanya The Federal Government.
Nigeria’s Facility Managers Partner AETI on Mentorship Development
The Facility Management Industry in Nigeria.
NTA Needs $500m to Compete With CNN—Lai Mohammed
By Dipo Olowookere To enable the.
Court Orders BEDC, NELM to Pay Ex-PHCN Staff N21.8m
The Nigeria Electricity Liability Management Ltd.
Malabu Oil: EFCC Slaps Former AGF Adoke With Fresh Charges
By Adedapo Adesanya The Economic and.