About NFIU

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

 About the Nigerian Financial Intelligence Unit (NFIU)
The Nigerian Financial Intelligence Unit (NFIU) is the Nigerian arm of the global financial intelligence Units (FIUs) domiciled within the EFCC as an autonomous unit and operating in the African Region. The NFIU seeks to comply with international standards on combating Money Laundering and Financing of Terrorism and proliferation.

International Remit:
The establishment of the NFIU is based on the requirements of Recommendation 29 of theFinancial Action Task Force (FATF[1]) Standards and Article 14 ofUnited Nations Convention Against Corruption (UNCAC)[2]. The NFIU was admitted into the Egmont Group of FIUs in 2007. The Egmont Group is the global body responsible for setting standards on best practices for FIUs and is made up of more than 131 FIUs from 131 jurisdictions. It was founded in 1995 to foster international collaboration in the exchange of intelligence by member states. It also supports and influences the work of FATF as it relates to the mandate of FIUs under FATF Recommendations 29 and 40. The NFIU, as a member of Egmont Group has reached out to other African FIUs by sponsoring and mentoring them to join the Egmont Group.

Domestic Remit:
In response to the FATF recommendation and fulfillment of the UNCAC requirements, the NFIU was formally established in 2004 and became fully operational in 2005. The Unit has since then sought to develop standards and procedures for the receipt, analysis and dissemination of financial intelligence to law enforcement agencies, perform onsite and off-site examination of financial institutions, enhance compliance with the legal and regulatory regimes on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) in Nigeria as well as respond to the global trends by collaborating with other FIUs worldwide..

Powers/Mandate

 

The NFIU largely draws its powers from the Money Laundering (Prohibition) Act 2011 as amended in 2012 and the Economic & Financial Crimes Commission (EFCC) establishment Act, 2004. The core mandate of the NFIU as required by international standard is to serve as the “national center for the receipt and analysis of: (a) suspicious transaction reports; and (b) other information relevant to money laundering, associated predicate offences and terrorist financing, and for the dissemination of the results of the analysis to law enforcement and anti-corruption agencies 

 

 

 

Other Functions of the NFIU

 The NFIU has the responsibility to:

·        Receive currency transactions reports, suspicious transactions reports, currency declaration reports and other information relating to money laundering and terrorist financing activities from financial institutions[3] and designated non-financial institutions (DNFIs[4])

Receive reports on cross-border movement of currency and monetary instruments.

·        Maintain a comprehensive financial intelligence database for information collection, analysis and exchange with counterpart FIUs and law enforcement agencies around the world.

 ·       Advise the government and regulatory authorities on prevention and combating of economic and financial crimes.

 ·       Provide information relating to the commission of an offence by entities and subjects linked to another jurisdiction to foreign financial intelligence unit based on the membership of Egmont Group or on the basis of bilateral cooperation.

·        Promote public awareness and understanding of matters relating to economic and financial crimes, money laundering & financing of terrorist activities.

 ·      Liaise with compliance officers and ensure strong compliance culture by reporting entities.

 

NFIU DEPARTMENTS

LEGAL & COOPERATION DEPARTMENT (LC)
The Legal and Cooperation Department of the Nigerian Financial Intelligence Unit (NFIU) is divided into two sections, Legal, and Cooperation. 

Legal Unit: Is responsible for monitoring the development of issues on laws, regulations and other enforceable instruments relating to AML/CFT and proposing legal and regulatory amendments to enhance the detection and prevention of Money Laundering and Terrorism Financing (ML/TF) to competent authorities. The section works closely with the compliance and enforcement teams to ensure better understanding of the AML/CFT legal and regulatory measures.

Cooperation Unit: Is responsible for domestic coordination and international cooperation with stakeholders in all AML/CFT matters, including collection and collation of statistics on AML/CFT prosecutions, convictions, freezing/confiscation records as well as records of relevant mutual legal assistance.

COMPLIANCE DEPARTMENT (CD)
The Compliance and Enforcement (C&E) Department has the primary responsibility of ensuring compliance with AML/CFT laws and regulations by reporting entities. The Unit undertakes targeted examination of all financial and designated non-financial institutions in the country in collaboration with the relevant sector regulators/supervisors on a risk-based approach. It also conducts trainings for reporting entities and co-ordinates outreach programs with stakeholders based on the provisions of MLP Act 2011 as amended in 2012 and PT Act 2011 as amended in 2013

MONITORING and ANALYSIS UNIT (M & A)
The Monitoring & Analysis (M&A) Unit is responsible for tactical analysis. The Unit works closely with the Strategic Analysis Unit in the analysis of all financial information received from reporting entities such as suspicious transaction reports (STRs) currency transaction reports (CTRs) and customs declaration reports (CDRs) as well as other mandatory reports from the reporting entities. The Unit also monitors and detects suspicious activities related to the financing of terrorism as well as all international & domestic requests and responses. It is also responsible for the dissemination of intelligence to the relevant law enforcement agencies

STRATEGIC ANALYSIS DEPARTMENT (SA)
The Strategic Analysis Unit works closely with the Monitoring and Analysis Department for the development of strategic analysis product in addition to their tactical analysis function. The Unit is also responsiblefor the conduct of high level macro analysis of information received by the NFIU to identify the underlying Money Laundering (ML) and Financing of Terrorism (FT) trends and patterns prevalent in the relevant sectors of the economy thereby enabling the strategic prevention of the identified vulnerabilities and risks. The strategic framework of the Unit helps the NFIU to generate data that will provide enhanced understanding of the various activities of each sector that will influence the development of informed AML/CFT policy guideline.

The department is also responsible for undertaking research projects with a view to assessing potential AML/CFT risks and vulnerabilities exploited by criminals across various financial and non-financial sectors of the Country. The Unit also supports the development of appropriate policy guidelines based on outcome of research/typologies.  The team works closely with the Strategic Analysis Unit to ensure that lessons learnt from strategic analysis of information coming to the NFIU are integrated into research findings. This information serves as a feedback mechanism for AML/CFT stakeholders. Further information on NFIU research can be found on NFIU’s website (www.nfiu.gov.ng). 

GENERAL ADMINISTRATION UNIT (ADMIN)
The General Administration Unit is responsible for general administration, financial management, procurement, internal audit and registry functions within the NFIU. It also supports the human resource needs of the NFIU.

 ICT DEPARTMENT UNIT (ICT)
The Information and Communication Technology (ICT) Unit is responsible for the provision of secured and reliable infrastructure, software and information management systems for the NFIU. The Unit supports the work of all the other departments through the maintenance of the ICT tools and training of NFIU staff and other stakeholders on the use of the electronic reporting platform. They are also responsible for managing the NFIU’s website and data center.

THE NFIU REPORTING REQUIREMENT

The NFIU, as part of its regulatory mandates, works closely with all the core regulators of financial, other-financial institutions and designated non- financial businesses and professions, namely Central Bank of Nigeria (CBN), National Insurance Commission (NAICOM), Securities & Exchange Commission (SEC), Special Control Unit against Money Laundering (SCUML), particularly in the receipt of the following reports:

 (i)                 Report of international transfer of funds and securities exceeding US$10,000.00 or naira equivalent as required by Section 2 (1) of the MLP

(ii)              Suspicious Transaction Reports (STRs) related to potential money laundering activities from reporting entities

(iii)            The STRs mentioned under Section 6 (2) of the MLPA 2011 shall be reported exclusively to the NFIU to aid intelligence gathering and in line with Financial Action Task Force (FATF) 2012 Recommendations 20 and 29.

 (iv)            Declaration reports of more than 10,000 USD or its equivalent made to the Nigerian Customs pursuant to the Foreign Exchange Act, 1995 and Section 2 (3) of the MLP Act, 2011 as amended.

 (v)              Currency Transaction Reports (CTRs) that should be submitted directly to the NFIU from the reporting entities as provided in Section 10 of the MLP Act 2011 as amended.

 (vi)            Application of freezing measures under Section 6 (5) (b) of the MLP Act 2011 as amended.

 (vii)          Mandatory Disclosures by financial institutions and any other individual (voluntarily) – related to single transaction, lodgment or transfer of funds in excess of N5, 000,000 or N1, 000,000 by an individual and N10, 000,000 or N5, 000,000 by a corporate entity as provided Section 10 (1) and (2), MLP Act.

 (viii)        Determine the flow of transactions and the beneficiaries for individual and corporate accounts as provided by Section 14 MLP Act, 2011 as amended.

 (ix)            Receive STRs on transactions that may relate to Terrorism or terrorist financing from reporting entities as provided under Section 14 of the Prevention of Terrorism Act 2011 as amended in 2013; The financial institutions shall also have regard to the Regulation on the freezing of terrorist assets issued in 2012 by the Attorney General of the Federation and United Nations Security Council Resolutions as issued from time to time

 (x)              Other statutory reports mandated by the regulators in their AML/CFT Regulations must also be complied with and the reports filed with the NFIU and the regulators.

 

LIST OF REPORTING INSTITUTIONS

Section 25 of the MLP Act 2011 as amended in 2012 defines the reporting institutions to include but not limited to[5]:

Ø     Financial Institutions

 o   Commercial Banks

 o   Primary Mortgage Institutions

 o   Micro Finance Banks

 o   Finance Companies

 o   Discount Houses

 o   Bureau de change (BDCs)

 o   Development financial institutions (NEXIM, Agric, Rural and Urban development banks, FMBN etc)

 o   Money Service Businesses and Transmitters

 o   Stock brokers

 o   Issuing houses

 o   Registrars

 o   Trust , Fund  and Assets Managers

 o   Investment and Portfolio Managers

 o   Insurance companies

 o   Reinsurance Companies

 o   Insurance Brokers

 

Ø    Designated Non-Financial Businesses and Professions

 o   Non-Governmental Organizations (NGOs)

 o   Estate surveyors and Valuers

 o   Dealers in Precious Stones and Metals

 o   Trust and Company Service Providers

 o   Casinos, Pool Betting and Lottery

 o   Dealers in jewelry, cars and luxury goods,

 o   Chartered/professional accountants, and

 o   Audit firms,

 o   Tax consultants,

 o   Clearing and settlement companies,

 o    Legal practitioners,

 o   Supermarkets,

 o   Hotels and Hospitality Industries

 o   Casinos,

 AML/CFT STAKEHOLDERS

 Ø  Law Enforcement Agencies (LEAs)

 Ø  Department of State Security Service (DSS)

 Ø  Nigerian Police Force (NPF)

 Ø  Office of the National Security Adviser (ONSA)

 Ø  Nigeria Customs Service (NCS)

 Ø  Nigeria Immigration Service (NIS)

 Ø  Nigeria Security and Civil Defence Corps (NSCDC)

 Ø  National Drug Law Enforcement Agency (NDLEA)

 Ø  Defense Intelligence Agency (DIA)

 Ø  National Intelligence Agency (NIA)

 Ø  The National Agency for the Prohibition of Traffic in Persons and other related matters (NAPTIP)

 

Ø  Anti-Corruption Agencies (ACAs)

 Ø  Economic & Financial Crimes Commission (EFCC)

 Ø  Independent Corrupt Practices Commission (ICPC)

 Ø  Code of Conduct Bureau (CCB)

 

Ø  Regulators

 Ø  Special Control Unit against Money Laundering (SCUML)

 Ø  Central Bank of Nigeria (CBN)

 Ø  Securities and Exchange Commission (SEC)

 Ø  National Insurance Commission (NAICOM)

Ø  Ministries

 Ø  Federal Ministry of Justice (FMOJ)

 Ø  Federal Ministry of Defence (FMOD)

 Ø  Federal Ministry of Trade and Investment (FMT & I)

 Ø  Federal Ministry of Foreign Affairs (MFA)

 

Ø  Other Agencies

 Ø  Federal Inland Revenue Service (FIRS)

 Ø  National Identity Management Commission (NIMC)

 Ø  Corporate Affairs Commission (CAC)

 Ø  Federal Road Safety Corps (FRSC)

 Ø  National Copy rights Commission (NCC)

 Ø  National Environmental Standards and Regulations Enforcement Agency (NESREA)

 

Relevant laws and regulations

 Ø  Trafficking In Persons (Prohibition) Act 2005 as amended

 Ø   Terrorism Prevention Act 2011 as amended In 2013

 Ø   Economic And Financial Crimes Commission Establishment Act 2004,

 Ø  Money Laundering (Prohibition) Act 2011as amended In 2012

 Ø  National Drug Law Enforcement Agency Act

 Ø  Nigerian Criminal Code Act

 Ø  Customs And Excise Management Act

 Ø  Advanced Fee Fraud Act 2006

 Ø  The Corrupt Practices and Other Related Offences Act 2003

 Ø  Copyrights Act

 Ø  National Environmental Standards and Regulations Enforcement Agency (Establishment) Act, 2007

 Ø  The Investments and Securities Act 2007

 Ø  Federal Inland Revenue Service Act 2007

 Relevant websites:

 

International Partner Agencies

 Ø  Financial Action Task Force                          -           www.fatf-gafi.org

 Ø  Asia Pacific Group On Money Laundering -          www.apgml.org

 Ø  Carribean Financial Action Task Force      -          www.cfatf-gafic.org

 Ø  Council of Europe Select Committee on the Evaluation of Anti-Money Laundering Measures -                           www.coe.int/t/dghl/monitoring/moneyval

 Ø  Eastern & Southern African Anti-Money Laundering Group-www.esaamlg.org

 Ø  Eurasion Group on Combating Money Laundering and Financing of Terrorism South American Financial Action Task Force                                                   -   www.gafisud.org

 Ø  Intergovernmental Action Group Against Money Laundering and Terrorist Financing In West Africa                                                                         -   www.giaba.org

 Ø  International Money Laundering Information Network -            www.imolin.org

 Ø  International Police Organization                           -           www.interpol.org

 Ø  Middle East and North Africa Financial Action Task Force         www.menafatf.org

 Ø  World Bank Anti-Money Laundering Program     -           www.amlcft.org

 Ø  United Nations Office on Drugs and Crime            -           www.unodc.org

 Ø   Egmont Group                                                          -           www.egmont.org

Law Enforcement Agencies & Anti-Corruption Agencies

 Ø  Economic and Financial Crimes Commission-       www.efccnigeria.org

 Ø  Nigeria Customs Service                              -           www.customs.gov.ng

 Ø  Nigeria Immigration Service                        -           www.immigration.gov.ng

 Ø  Nigeria Police                                                            -           www.nigeriapolice.org

 Ø  Nigeria Drug Law Enforcement Agency     -           www.ndlea.gov.ng

 Ø  Federal Road Safety Commission   -           www.roadsafetynigeria.com

 Ø  Independent Corrupt Practices and Other Related Offences -     www.icpc.gov.ng

 

 Intelligence Units

 Ø  Nigerian Financial Intelligence Unit (NFIU)           -           www.nfiu.gov.ng

 

Regulators

 Ø  Special Control Unit against Money Laundering -       www.scuml.org

 Ø  Central Bank of Nigeria (CBN)                             -        www.cenbank.org

 Ø  Securities and Exchange Commission (SEC)       -        www.sec.gov.ng

 Ø  National Insurance Commission (NAICOM)        -        www.naicom.gov.ng

 

 

 

 

 

 

 

 

 

©NFIU

 

Telephone: 234 9 7830488, 234 9 3144359

 

Fax: 234 9 3144357

 

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.. Website: www.nfiu.gov.ng

 

JULY, 2015.

 

 

 



[1]The International Standard Setter on combating money laundering and the financing of terrorism & proliferation of weapons of mass destruction. Recommendation 29 requires that Countries should establish a financial intelligence unit (FIU) that serves as a national centre for the receipt and analysis of: (a) suspicious transaction reports; and (b) other information relevant to money laundering, associated predicate offences and terrorist financing, and for the dissemination of the results of that analysis

 

[2]UNCAC provides that Countries shall consider the establishment of a financial intelligence unit to serve as a national centre for the collection, analysis and dissemination of information regarding potential money-laundering

 

[3] For detailed list of financial institutions required to submit reports to the NFIU, see Section 25 of the Money Laundering Prohibition (MLP) Act, 2011 as amended in 2012

[4] The FATF interpretation section refers DNFIs as designated Non-Financial Businesses and Professions (DNFBPs). A comprehensive list can be found in Section 25 of the MLP Act, 2011. The Federal Ministry of Commerce responsible for coordinating the DNFIs has further issued a Regulation to expand the list of DNFIs.

[5] Please see Section 25 of the MLP Act 2011 as amended for detailed list

 

 

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