The Nigerian Senate has resolved to pass a law that would make the Nigerian Financial Intelligence Unit, NFIU, independent of the anti-graft agency, EFCC.
On Wednesday, the lawmakers based their decision on the reported suspension of the NFIU from the Egmont Group.
The NFIU, an arm of the Economic and Financial Crimes Commission, EFCC, was reportedly suspended from the Egmont Group of Financial Intelligence Units over Nigeria’s failure to provide legal framework that will make the NFIU autonomous, The Cable reported last week.
The NFIU helps tackle money laundering and monitor financial flows, task eased by its membership of the Egmont Group whose members share intelligence relating to international finance and illicit flow.
Critics of separating the NFIU from the EFCC have said it would weaken the anti-graft agency which has tackling financial crimes as one of its main task.