The Senate at its plenary session of Thursday, 27 July 2017, passed the Nigerian Financial Intelligence Agency (NFIA) Bill 2017, which seeks to create an autonomous Financial Intelligence Agency in accordance with international best practices.
Presenting the report on the Bill, Chairman Committee on Anti-Corruption and Financial Crimes , Sen. Chukwuka Utazi (PDP: Enugu) highlighted that the Financial Intelligence Unit is essential to provide financial intelligence to all law enforcement agencies and other relevant agencies and Ministries with a seperate mandate different from that of the law enforcement Agencies. Sen Utazi noted that there can be only one financial Intelligence unit in every country. However, the case of Nigeria was questionable because it created one without giving it powers to operate.
It would be recalled that Egmont Group of Financial Intelligence Units had suspended Nigeria from the Group
According to him, the consequential amendments that will be made to existing laws are as follows:
- The Economic and Financial Crimes Commission (Establishment) Act, 2004 would be amended by deleting sections 1(2)(c); 6 (j)(iv), and 6(1) of the Act among others;
- The Money Laundering (Prohibition) Act, 2011 (as amended) would be further amended in section 1, 4, 5, 6 and 13 by substituting the word “Commission” and “Federal Ministry of Commerce” with the words “Nigerian Financial Intelligence Agency” among others.
The major highlights of the Bill include:
- Creating an autonomous Financial Intelligence Agency in accordance with international best practices;
- Domiciling the Agency in the Central Bank of Nigeria (CBN) for purposes of institutional location and logistics support; and
- Providing the budgetary allocation to the Agency as a first-line charge on the Consolidated Revenue charge of the Federal Government in order to ensure operational independence.
Lastly, he canvassed support for the Bill by stating that since the Nigerian Financial Intelligence Unit (NFIU)already exists, it now becomes a requirement for the Senate to give the NFIA an enabling law.
