The Nigerian Financial Intelligence Unit (NFIU) is the central national agency in Nigeria, responsible for the receipt and analysis of financial disclosure (Currency transaction reports and Suspicious transaction reports) and dissemination of intelligence generated there-from, to competent authorities.
It was established in June 2004, to coordinate the country’s anti-money laundering and combating the financing terrorism (AML/CFT) regime. The NFIU, though domiciled in the EFCC, services all the stakeholders, including law enforcement and regulatory agencies. The domiciliation of the NFIU within the EFCC (law enforcement agency) is strategic, given the peculiarities of the Nigerian economy. Beside the three core functions (receiving, analyzing financial disclosures, development and dissemination of financial intelligence to end users) the NFIU carries out other non core functions, including:
- Monitoring Compliance with AML/CFT Requirements – to ensure compliance by reporting entities
- Training and Research – to enhance the knowledge base of stakeholders and aid AML/CFT policy formulation.
- Enhance Public Awareness on AML/CFT Issues – through publicity in the print and electronic media, publication of newsletters etc.
- Advisory Role- the NFIU provides inputs that help to fine-tune extant AML/CFT policies, regulations and laws based on findings from topology studies on money laundering/terrorism financing.