Senate moves financial intelligent unit from EFCC to CBN

The Senate yesterday moved the Financial Intelligence Centre from the Economic and Financial Commission (EFCC) to the Central Bank of Nigeria (CBN).

The senators unanimously adopted the report of the committee on Drugs, Narcotics and Financial Crimes which recommended for the creation of an autonomous unit to be domiciled in the CBN.

Presenting the report to his colleagues, committee chairman Senator Victor Lar (PDP, Plateau) said the standard practice all over the world is for the unit to be autonomous and domiciled in the central bank or finance ministry.

The centre according to the bill will be a body 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 moves arguing that it will weaken the commission as the said unit is critical to its operations and the fight against economic and financial crimes in the country.

EFCC chairman Ibrahim Lamorde had told the lawmakers during public hearings on the bill that without the unit the EFCC will be rendered ineffective.

Also, some senators had argued that the establishment of the Financial Intelligence Centre will amount to duplication of duties already handled by the EFCC.

The bill will have to receive concurrence by the House of Representatives before it is forwarded to the president for assent.