The Senior Special Assistant to the President on National Assembly Matters( Senate), Ita Enang, disclosed this to State House Correspondents at the Presidential Villa, Abuja.
Enang described the NFIU as the Nigerian arm of the global financial intelligence unit which was before now domiciled in the Economic and Financial Crimes Commission.
He said the new law sought to comply with international standards on combating money laundering, financing of terrorism and check suspicious transactions.
The establishment of the NFIU is based on the requirements of Recommendation 29 of the Financial Action Task Force Standards and Article 14 of the United Nations Convention Against Corruption.
With the signing of the new Act, NFIU will now be independent of the EFCC.
The NFIU is empowered 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 and designated non-financial institution.
It will also receive reports on the 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.
KINDLY DROP A COMMENT BELOW