Senate yesterday moved the Financial Intelligence Centre from the Economic and Financial Crimes Commission (EFCC) to the Central Bank of Nigeria (CBN).
Senators unanimously adopted the report of the Committee on Drugs, Narcotics and Financial Crimes which recommended the creation of an autonomous Financial Intelligence Unit to be domiciled in the CBN against the current practice which allowed the unit to be within the EFCC.
Presenting the report to his colleagues, the committee’s chairman, Senator Victor Lar (PDP, Plateau), said the standard practice all over was for the unit to be autonomous and domiciled in the central bank or finance ministry.
The centre, according to the bill, would be responsible for receiving, requesting, analysing and disseminating financial intelligence reports and other information to law enforcement, security and intelligence agencies and other relevant supervisory authorities and for related matters.
The EFCC had consistently opposed the move, arguing that it will weaken the commission as the said unit was critical to its operations and the fight against economic and financial crimes in the country.
Ibrahim Lamorde, EFCC chairman, had told the lawmakers during public hearings on the bill that without the unit, the EFCC will be rendered ineffective.
However, the bill will have to receive concurrence by the House of Representatives before it is forwarded to the President for assent.