TheCable

A bill seeking to establish the Nigeria Financial Intelligence Agency has passed second reading at the senate.

The bill passed first reading at upper legislative chamber on Thursday.

Speaking on the floor of the senate on Tuesday, Chukwuka Utazi, senator representing Enugu south and sponsor of the bill, said legislation will give powers to the agency to analyse information and transmit same to the relevant law enforcement agencies in cases of crime or terrorism.

“Powers to undertake analysis, this includes the power to analyse information to ensure that where crime is committed including terrorism, information can be transmitted to the relevant law enforcement agencies like EFCC, ICPC, NSCDC etc,” Utazi said.

“It ensures power of operational independence that the budgetary allocation to the agency shall be in the first line charge of the federal government.

“Consequential amendments that should be passed to the Economic and Financial Crimes Commission is amended by deleting section 12 (c) section C 4 and 6 of the act amongst others.”

Last week, TheCable reported the suspension of Nigeria from the Egmont Group and its implication on the anti-graft war of the current administration.

Subsequently, the upper legislative resolved to create a law for an independent agency in line with the demand of the global body.

Ibrahim Magu, acting chairman of the Economic and Financial Crimes Commission (EFCC), also set up a committee to work on the process of making the unit autonomous.