Nigerian Financial Intelligence Unit

Nigerian Financial Intelligence Unit
Agency overview
Formed2004 (2004)
Superseding agencyCentral Bank of Nigeria, Economic and Financial Crimes Commission
Jurisdictional structure
Operations jurisdictionNigeria
Legal jurisdictionFinancial intelligence and reporting
Operational structure
HeadquartersIbrahim Taiwo Street, Asokoro, Abuja
Website
www.nfiu.gov.ng

The Nigerian Financial Intelligence Unit (NFIU) is the financial intelligence unit of Nigeria, responsible for collecting and analyzing disclosures from reporting organizations, in order to produce financial intelligence to other agencies combating money laundering, terrorism financing, and other financial crimes.[1][2] The agency serves as the secretariat of the National Sanctions Committee (NSC) and the Inter-ministerial Committee on Anti-Money Laundering and Counter-Terrorism Financing (IMC). The NFIU is one of the leading FIUs in Africa. The headquarters of the NFIU is located in close proximity to the Aso Villa demonstrating its pivotal role in supporting the Office of the President to gather financial intelligence.

History

The NFIU was established in 2004 as an autonomous unit within the central coordinating body for the country's Anti-Money Laundering, Counter-Terrorist Financing, and Counter-Proliferation Financing (AML/CFT/CPF) framework of Central Bank of Nigeria. It also operates as part of Economic and Financial Crimes Commission.

In 2007, the NFIU joined the Egmont Group of Financial Intelligence Units, an international organization that facilitates cooperation and intelligence sharing between national financial intelligence units to investigate and prevent money laundering and terrorist financing.[3]

In the first quarter of 2022, about N150 trillion worth of transactions in Nigeria were reported as “suspicious” by the NFIU.[4]

In January 2023, NFIU issued a ban on the federal, state, and local governments from making cash withdrawals from their own accounts. According to the NFIU, this was implemented as a measure to curb financial abuses of government funds as state governments had withdrawn a total of N701 billion cash from 2015 till January 2023.[5] This was criticized by the Nigerian Governors Forum which stated that the NFIU advisory and guidelines on cash transactions were outside the agency's mandate.[6]

References

  1. ^ Sanni, Kunle (2022-11-30). "NFIU receives report on N150trn 'suspicious' transactions in three months". Premium Times. Retrieved 2023-02-03.
  2. ^ "NFIU Unveils Fresh Guidelines to Bolster CBN's Cash Withdrawal Policy". This Day. Retrieved 2023-02-03.
  3. ^ However, the NFIU Act 2018, transformed it into an autonomous agency within the CBN."NFIU and Diplomatic Missions in Nigeria: Municipal Law Vs Exterritoriality in International Law". This Day. Retrieved 2023-02-03.
  4. ^ Sanni, Kunle (2022-11-30). "NFIU receives report on N150trn 'suspicious' transactions in three months". Premium Times. Retrieved 2023-02-03.
  5. ^ Ejike, Ejike (2023-01-06). "In Renewed Anti-graft War, NFIU Goes After Federal Govt, States, LGs". Retrieved 2023-02-03.
  6. ^ Sanni, Kunle (2023-01-21). "NFIU reacts to governors' criticism of ban on cash withdrawals from govts' accounts". Premium Times. Retrieved 2023-02-03.
This article is issued from Wikipedia. The text is available under Creative Commons Attribution-Share Alike 4.0 unless otherwise noted. Additional terms may apply for the media files.