The Nigerian Senate on Wednesday passed a motion calling for the autonomy of Nigeria’s Financial Intelligence Unit (NFIU).
The Senators based their decision on the reported suspension of the NFIU from the Egmont Group.
The Egmont Group is a body of 154 financial intelligence units (FIUs) across the world.
It provides a platform for the secure exchange of expertise and financial intelligence to combat money laundering and terrorist financing.
The motion for the autonomy for the NFIU was moved by Senator Chukwuta Utazi who warned of “dire consequences” of the suspension.
The Senator from Enugu State, who is also the chairman, Senate committee on anti-corruption and financial crimes called for a new law to empower NFIU to be independent and be able to be responsible for its personnel.
According to him, the country has until December to make NFIU autonomous and institutionally independent in order to escape expulsion from the Egmont Group in January.
After contributions from other Senators, the Senate directed the ministries of finance, justice, and interior to ensure Nigeria regains membership of Egmont Group.
The anti-corruption committee of the Senate was also mandated to come up, within four weeks, with an establishment bill towards making the NFIU independent.