All is set for the newly established anti-financial crimes agency, Nigerian Financial Intelligence Unit, NFIU, to commence operations in the country from April 1.
DAILY NIGERIAN reports that the NFIU is a government agency created to fight all crimes through money laundering, terrorism financing and proliferation of weapons in the country.
In a statement on Wednesday by the NFIU’s Ag. Chief Media Analyst, Ahmed Dikko, said that all its local reporting entities, international partners, counterpart financial intelligence units and relevant competent authorities should be notified.
“We are also using this medium to respond to inquiries about the current position of the EU’s recent listing of Nigeria as High-Risk Third Country with deficiencies in money laundering and terrorism financing controls.
“The listing was officially withdrawn by the Council of Europe on 5th March 2019 while giving room for the European Commission and the European Parliament to align their positions.
“The Nigeria government engaged the E.U authorities through the Ministry of Foreign Affairs and the NFIU to reach an understanding.
“Significant measures to be implemented by the NFIU in the near future will include full implementation of the National Sanctions regime to all detected areas of vulnerabilities within our systems.
“Other areas include issuing guidelines, advisories etc. that will affect cash transactions processes of local, state, federal governments and bureau de change etc.”
According to the statement, the unit would also release new reporting requirements on suspicious transactions for terrorism-prone areas and on suspects taken into custody in violent and flashpoint communities.
The statement added that the move would check vices of terrorism, the proliferation of small arms, kidnapping, ethnic violence, cattle rustlings etc. with the view to providing credible intelligence for law enforcement and national security.
“Finally, efforts of the Federal Government to set up the beneficial ownership database for politically exposed persons and public servants will be completed and expanded to capture additional necessary areas.
“The new process which includes a new approach to analysing compliance in public account expenditures will almost shut down corruption from the way we used to know and new transparency methods will come to governance.
“We request all entities and individuals to cooperate with the new processes when they start unfolding because the measures are necessary in order to move the country forward.”