The Federal Government has constituted a nine member ad-hoc committee to reposition the Nigerian Financial Intelligence unit, (NFIU) to restore its membership on the EGMONT group to prepare for the Financial Action Task Force, (FATF) mutual self visit to Nigeria.
The EGMONT Group of Financial Intelligence Units is an informal network of 154 national FIUs which provides a platform for the secure exchange of expertise and financial intelligence to combat money laundering, the financing of terrorism, and other related offences.
The NFIU helps tackle money laundering and monitor financial flows, a task eased by its membership of the Group whose members share intelligence relating to illicit flow and international finance.
The members of the nine- man committee are: Senator Chukwuka Utazi- Chairman, Hon. Kayode Oladele, member, Dr. Abdulahi Y. Shrug, member, a representative of the Federal Ministry of Justice as member, a representative of the Federal Ministry of Finance.
Other members of the ad-hoc committee are: A representative of the Ministry of Interior as member, the Executive Secretary of the presidential advisory committee against corruption as member, a representative of the Independent Corrupt Pratices and Other Related Offences Commission (ICPC) and a Representative of the Economic and Financial Crimes Commission (EFCC).
The ad-hoc committee is to make recommendations and facilitate legal and regulatory measures to ensure that the financial and operational autonomy of the NFIU.
It is also to recommend other necessary steps to be taken by the relevant stakeholders to ensure the restoration of NFIU’s membership on the EGMONT group.
The committee’s other term of reference is to advise on the implications, including financial or otherwise of the proposed membership of the Financial Action Task Force.
The committee will also advise the government on the steps to be taken in preparation for the proposed mutual self evaluation visit of the FATA in November, 2017, and to make any other recommendations necessary to advance Nigeria capacity to I we financial intelligence to fight crimes.
The committee is expected to conclude its work and submit is final report to the Acting President Yemi Osibanjo by the end of August.
The NFIU, an arm of the Economic and Financial Crimes Commission, EFCC, was suspended from the group at a plenary of the Heads of FIUs in Macao on July 5, 2017.