The Nigeria Financial Intelligence Unit (NFIU) is the Nigeria arm of the global financial intelligence unit (FIU) and is domiciled within the Economic and Financial Crimes Commission (EFCC) as an autonomous unit. The setting up of the NFIU is part of the efforts of the federal government in combating money laundering, and the financing of terrorist activities in Nigeria and is a precondition for the removal of Nigeria from the Financial Action Task Force (FATF) list of Non-cooperation countries and territories (NCCTs).
Some functions of the Nigeria FIU are:
- Receive and collect Currency Transactions Reports (CTRs) and Suspicious Transactions Reports (STRs) and other information relevant to the money laundering and terrorist financing activities from financial institutions and designated non-financial institutions;
- Receive reports on cross-border movement of currency and monetary instruments;
- Analyze and assess the information and reports it receives;
- Mandatory review of supervisory reports and criminal referrals;
- Maintain a comprehensive financial intelligence database for information collection and exchange with counterpart FIU's and law enforcement agencies around the world;
- Maintain a network and link of information with the regulatory authorities and law enforcement agencies in Nigeria;
- Advise the governments and regulatory authorities on prevention and combating of economic and financial crimes;
- Liaise with compliance officers and ensuring strong compliance culture in financial institutions;
- Provide financial intelligence reports/statistics in the investigation and prosecution of offenders under the relevant laws;
- Promote public awareness and understanding of matters relating to economic and financial crimes, money laundering & financing of terrorist activities;
- Trail money transactions in banks and other financial institutions.
