Senate Passes NFIC Bill …It Is A Way Forward For Nigeria—LAR
The Nigerian Senate, Thursday afternoon passed the Nigerian Financial intelligence Center Bill. The bill which seeks to establish the Nigerian Financial Intelligence Center was a subject of controversy following what pundits describe as 'several misconceptions caused by distortion of facts by those opposed to its passage.'
It would be recalled that the third reading and passage of the Bill suffered setback following a strong opposition from a group in the upper Chamber, led by the Chairman, Senate Committee on rules and business, Senator Etta Ennang.
Reacting to the passage of the bill, the Chairman, Senate Committee on Drugs, Narcotics and Financial Crimes, Senator Victor Lar described it as an indication that the present Senate is unrelenting in its commitment to the fight against money laundering and terrorist financing in Nigeria.
Senator Lar, who is also the sponsor of the bill, commended his colleagues for their support, even as he spoke of the need for credible and competent persons to be appointed to head the Center.
Adding his voice, Executive Director, Media Initiative against Injustice, Violence and Corruption, Walter Duru commended the Senate for the passage, even as he urged the House of Representatives to do same.
He described the proposed Nigeria Financial Intelligence Center as central to the success of the war against money laundering and terrorist financing in Nigeria.
Duru reiterated the commitment of the Initiative to sustaining the war against corruption in Nigeria, describing it as the country's greatest problem.
'The lawmakers who earlier opposed the bill later found out the truth and soft-pedaled. It is not about any singular individual or Commission. It is about the future and security of Nigeria. MIIVOC shall never relent in this struggle. Corruption is Nigeria's greatest and most formidable problem. We also urge the lawmakers to make haste to pass other related anti-corruption related bills, especially, the Proceeds of Crime and Mutual Legal Assistance Bills.'
The NFIC Bill is designed to provide a sustainable and credible legal framework for the Financial Intelligence Center in Nigeria. As is the accepted practice in other jurisdictions, the Bill seeks to provide the FIC with operational independence and autonomy, and greater ability to provide financial intelligence to all relevant competent authorities in order to strengthen anti-money laundering and combating the financing of terrorism (AML/CFT) measures.
This NFIC Bill is aimed to establish a national agency that will be responsible for the receipt of information from financial institutions and designated non-financial institutions, analysis of the financial information for the purpose of turning this information into financial intelligence and dissemination of the financial intelligence to all law enforcement agencies. The Bill will ensure that the NFIU is not tied to any agency but will have adequate measures to build an independent financial intelligence system.