SAN FRANCISCO, November 22, (THEWILL) – A bill that seeks to place an effective system to combat terrorists financing activities and money laundering scaled the crucial second reading in the Senate on Thursday.
An executive bill sponsored by Senate Leader, Victor Ndoma- Egba, titled an act to establish the Nigeria Financial Intelligence Agency as the Central body in Nigeria responsible for requesting, receiving, analysing and disseminating financial intelligence reports and other information to the law enforcement, security and intelligence agencies and other relevant authorities, was referred to the Committee on Economic and Financial Crimes and Narcotics for further legislative workIng .
Leading the debate, Senator Ndoma – Egba said the bill seeks to create the legal institutional and regulatory framework to ensure transparency, effective and efficient management, administration and operation of the Nigeria Financial Intelligence Agency.
He also said the bill will also issue relevant guidelines to reporting institutions as it considers appropriate, to combat money laundering and terrorist financing .
It will also “Receive and collect currency, suspicious and unusual transaction reports and other information, including wire transfers reports relevant to money laundering and terrorist financing activities from financial institutions and designated non financially institutions as required under the Money Laundering ( Prohibition Act 2011, The Terrorism Prevention Act or any other relevant law or Regulations” Ndoma Egba added.
He further explained that the bill will make provisions for the agency to exchange information with financial intelligence institutions or similar bodies in other countries in matters relating to money laundering, terrorist financing activities and other predicate offences.
Also contributing to the debate, Deputy Senate Leader, Abdul Ningi, stated that he was in full support of the bill but has his reservation. He added that the Senate cannot throw away a bill of such magnitude, saying ” creating an additional agency does not mean solving the problem, we need to merge all this agencies to tackle corruption”.
Senator Ita Enang (PDP, Akwa Ibom) explained that the bill is a replication of money laundering acts like the EFCC Act, CBN Act, adding that creating another agency will not add anything to the economy of the country but will instead sap the economy .
Senator Smart Adeyemi ( Kogi PDP) said: ” We need more than two agencies to tackle corruption, it is becoming more sophisticated, so we need agencies charged with specific operations. Corruption is the major problem confronting us in this nation. This new agency will help relieve the two agencies fighting corruption as they have been overwhelmed with fighting corruption. ”
Deputy Senate President Ike Ekweremadu noted the concern on the conflict with existing Acts but stated that it’s the business of the Senate to find solutions to such situations. He also added that the country must be seen to be fighting economic crimes as Nigeria has an international obligation to have such agency .
EMMA UCHE, ABUJA
