Perplexed by the recent clampdown on the operations of the Nigerian Financial Intelligence Unit (NFIU) by the Economic and Financial Crimes Commission (EFCC), the international Watchdog and standard bearer on FIU\u2019s compliance with anti-money laundering and terrorism, the Egmont Group of FIUs has withdrawn Nigerian FIU\u2019s access to the Egmont Secured Web.<\/p>\n
An official of the NFIU who disclosed this to our Correspondent on the grounds of anonymity said, Nigeria shall remain excommunicated from the group until its commitments to the international Community on the fight against money laundering and terrorism financing are met, including the specific issues related to the autonomy of the Nigerian Financial Intelligence Unit.<\/p>\n
He blamed the country for what he described as deceit to the international community.<\/p>\n
According to him: \u201cThe Egmont Secured Web (ESW) is a portal built for exchange of information and to enhance international cooperation on money laundering and terrorism financing between the 139 registered member countries that meet their standard.<\/p>\n
“Barely one month after the Financial Action Task Force delisted Nigeria from its list of high risk countries following the commitment of the Federal Government to strengthening the legal framework against money laundering and terrorism, as well as assurances of a truly independent FIU, the group was shocked to read reports of a clamp down on the NFIU.<\/p>\n
“While the international community was trying to investigate the report, we read reports from the EFCC denying that there was no such siege, but claiming that the NFIU is a Unit under it and that it was merely restructuring and redeployed the Acting Director to another Unit. This is a clear lack of understanding of EGMONT and FATF principles on independence of FIUs globally. They also do not understand the international standard on the operations of FIUs.\u00a0 I am afraid; the FATF hammer may soon fall on us again. Those of us that understand the implications of this development are really disturbed, but we cannot help\u00a0 the situation.\u201d<\/p>\n
The report credited to EFCC on some national Dailies, This Day and Punch inclusive: reads:<\/p>\n
\u201cThe EFCC does not need mobile policemen to occupy its own premises nor does it require a riot squad to redeploy its own staff,\u201d Mr. Uwujaren, EFCC spokesman said. \u201cThe redeployment is therefore, part of the re-tooling and re -alignment process by the management of the Commission\u2026\u201d<\/p>\n
Reacting to the development, a financial expert, Kingsley Babalola described the situation as sad, even as he questioned the rational behind the recent interference with the operations of the NFIU by the EFCC.<\/p>\n
According to him, \u201cwithdrawal of NFIU\u2019s access to the Egmont Secured Web simply means blindfolding Nigeria from all developments and situations in the international scene, as long as terrorism financing, money laundering and other high profile international crimes are concerned. The timing is even more worrisome. At this critical time when Nigeria is passing through terrible security challenges is not good news at all. This development isextremely dangerous. Everything humanly possible must be done by the government to reverse this before the country\u2019s membership is permanently withdrawn in Egmont and FATF..\u201d<\/p>\n
The Egmont Group of Financial Intelligence Units is an international network of FIUs established for the stimulation of international
\ncooperation and promotion of the development and cooperation of FIUs in the areas of information exchange, training and the sharing of expertise. It is made up of 139 FIUs.<\/p>\n
The goal of the group is to provide a forum for FIUs around the world to improve cooperation in the fight against money laundering and the financing of terrorism and to foster the implementation of domestic programmes in the field.<\/p>\n
They insist on the promotion of the autonomy of FIUs among member nations, a precondition for membership.<\/p>\n
The implication of deleting Nigeria is that the international exchange of information on international Crime and cooperation from other one hundred and thirty nine (139) countries is no longer possible.<\/p>\n
The Egmont Secured Web is an international Portal that is built for members that meet their standards.<\/p>\n
It would be recalled that Nigeria was placed on close monitoring by the international community after being delisted from the FATF list to ensure that all the pending actions are implemented.<\/p>\n
Some of the pending actions include the review of relevant laws and perfection of a comprehensive Legal Framework for relevant anti-money laundering\/terrorism Bills.<\/p>\n
Key stakeholders in the anti-money laundering and terrorism sectors in Nigeria worked round the clock to arrive at a position which they presented to the group on efforts made in advancing the war against money laundering and terrorism in the Country.<\/p>\n
The major concerns were that certain relevant bills required by the FATF are still pending in the National Assembly; a situation that compelled the Federal government to make very strong commitments to the Body.<\/p>\n
The relevant Bills that were presented to the public recently through a stakeholders\u2019 session were the Proceeds of Crime Bill, the Mutual Legal Assistance Bill, the Nigerian Financial Intelligence Agency Bill, the Whistle Blowers\u2019 Bill and the Witness Protection Bill.<\/p>\n
Just last week, the Nigerian Senate read for the second time and referred to the relevant Committee, the Bill for the establishment of the Nigeria Financial Intelligence Agency, as part of its efforts in fulfilling government\u2019s commitment to the international community.<\/p>\n
It would also be recalled that the National Assembly amended the 2011 anti-money laundering law and the prevention of terrorism law in 2012 and early 2013 respectively, with a view to enhancing Nigeria\u2019s rating internationally.<\/p>\n","protected":false},"excerpt":{"rendered":"
Perplexed by the recent clampdown on the operations of the Nigerian Financial Intelligence Unit (NFIU) by the Economic and Financial Crimes Commission (EFCC), the international Watchdog and standard bearer on…<\/p>\n","protected":false},"author":1,"featured_media":20152,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-20151","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\n