The Nigerian Financial Intelligence Unit (NFIU) is the central national agency responsible for the receipt of disclosures from reporting organisations, the analysis of these disclosures and the production of intelligence for dissemination to competent authorities. The NFIU is an autonomous unit, domiciled within the Central Bank of Nigeria and the central coordinating body for the country’s Anti-Money Laundering, Counter-Terrorist Financing and Counter-Proliferation Financing (AML/CFT/CPF) framework.
The core mandate of the NFIU as enshrined in the NFIU Act, ML(PP)A and T(PP)A include the following:
- Receipt of suspicious transaction reports from reporting entities including financial institutions and designated non-financial businesses and professionals.
- Receipt of threshold based transaction reports from reporting entities.
- Analysis of the received information, including connecting and accessing local and international databases to enrich the reports.
- Dissemination of the resulting intelligence reports to law enforcement, anti-corruption, security, intelligence agencies as well as regulatory and supervisory bodies for further investigation and prosecution.
About NFIU
The establishment of the NFIU is based on global standards that promote effective implementation of legal, regulatory, and operational measures to combat money laundering, terrorist and proliferation financing as outlined in the Financial Action Task Force (FATF) 40 Recommendations.
Other Functions of the NFIU
- Advise law enforcement, regulatory and supervisory agencies on prevention and combatting of money laundering, terrorist financing and predicate offences.
- Exchange information with other FIUs and designated international organisations to combat and prevent global crimes
- Conduct research into emerging threats of money laundering, terrorist financing and other predicate offences.
- Strengthen compliance with domestic and international anti-money laundering and counter-terrorist financing standards of reporting entities
Vision Statement: To be amongst the leading financial intelligence organizations in the world.
Mission Statement: To safeguard the Nigerian financial system and contribute to the global fight against money laundering, terrorism financing and related crimes through the provision of credible financial intelligence
For more info, visit www.nfiu.gov.ng
