ABUJA – The National Assembly Joint Committee on Drugs, Narcotics and Financial Crimes says the bill for establishment of Nigerian Financial Intelligence Centre (NFIC) would be passed before the end of April 2014.
The Chairman, Senate Committee on Drugs, Narcotics and Financial Crimes, Sen. Victor Lar said this on Monday in Abuja, while speaking to journalists at a 2-day retreat of the Joint Committees.
Nigeria risks suspension if it failed to enact relevant laws to establish the Financial Intelligence Centre as required by the global Financial Action Task Force (FATF) by June, 2014.
Lar noted that the main objective of the retreat was to enable the committees to draft a harmonised copy to ensure speedy passage by the National Assembly.
“We are proceeding with action on the NFIC Bill. The bill would be passed into law when the National Assembly returns from the Easter break.
“We are working round the clock to ensure that all the legislations are in place for us (Nigeria) to meet the June deadline.
In a separate interview, the Chairman, House of Representatives Committee on Drugs, Narcotics and Financial Crimes, Rep. Adams Jagaba said the NFIC Bill would be passed this month (April).
“This is the last stage. We would take it to the House for consideration by both chambers. I see that happening within this month (April).
Jagaba observed that stringent laws were required to discourage people from committing money laundering and other financial crimes.
He said that existing laws against financial crimes were not having the desired effect because they were “weak and soft”.
“The anti-graft agencies are not quite doing well because the laws we have encourage corruption. We should have laws that deter people from committing financial crimes.
“If for instance we make it death sentence or life in jail or 40 years imprisonment for financial crimes, then people will be afraid to commit such crimes.
Jagaba said that when established, the NFIC would provide foreign investors with intelligence report on their prospective business partners based in Nigeria.
“Financial Intelligence Unit of that country is required to find out who you are, the kind of businesses you have been transacting.
“It is the report from them that can make them respect Nigerians, and allow them access to go into business abroad.
He gave the assurance that the House of Representatives would fast track all necessary legislative action to ensure quick passage of the NFIC Bill.
The retreat was organised by the National Assembly Joint Committees on Drugs, Narcotics and Financial Crimes in partnership with the Media Initiative against Injustice, Violence and Corruption. (NAN)
