OrderPaperToday – The Senate on Wednesday approved the addition of the National Financial Intelligence Unit (NFIU) on the governing board of the Proceed of Crimes Recovery and Management Agency (PCRMA).

This followed the re-committal and passage of the Proceeds of Crime bill after it had been passed last month.

Speaking on the motion that led to the re-passage of the bill, the Senate Leader, Ahmed Lawan declared that it was in line with global best practices.

According to him, “After critical examination of the bill, some fundamental issues which require fresh legislative action on clause 5 occasioned by the establishment of the Nigeria Financial Intelligence Unit (NFIU) which was not contemplated in the Proceed of Crimes Recovery and Management Agency bill was noticed.

“The Nigeria Financial Intelligence Unit as an anti-corruption entity will play a fundamental role in the operation of the Proceed of Crimes Recovery and Management Agency.”

The proceeds of crime bill will among other things pave way for Nigeria to become full member of the Financial Action Task Force (FATF) while boosting the process of criminal asset recovery.

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