Following worldwide pressure, the law makes the Nigerian Financial Intelligence Unit an independent body that can share information with similar agencies overseas.
"The Bill was passed by the senate in July 27, 2017 and in the House of Representatives in November 29, 2017".
Senate President, Bukola Saraki, after the passage, urged the executive to speedily assent to the bill to forestall Nigeria's expulsion from the Egmont Group.
A threat of permanent expulsion from the Egmont Group is hanging over Nigeria if by March 11, the NFIU has not been granted full financial and operational autonomy.
The bill if assented to by President Muhammadu Buhari will make the NFIU independent of EFCC within which it is now domiciled.
"I hope that with this Bill that we have passed today - this Conference Report - that they will have a second view and re-admit us (Nigeria) into the process (EGMONT Group)".
The EFCC act had designated the commission as the destination for the NFIU, a position the Egmont group rejected because it would compromise the utmost secrecy under which financial intelligence units operate globally.
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Chairman, Senate Committee on Anti-Corruption and Financial Crimes, Senator Chukwuka Utazi submitted the conference committee's report to the Senate yesterday.
It also advised that the NFIU could be domiciled in any government agency of choice, including the EFCC, so long as it operated as an independent entity.
However, it will now be domiciled in the Central Bank of Nigeria in line with practices elsewhere, but will be an independent body not answerable to the CBN.
According to informed sources, the Bill, as presented by Oladele to the House and the Conference Committee, has been adopted wholesale except for two clauses.
The NFIU is to be a directorate to be headed by a director to be appointed by the president on the recommendation of the minister of justice and attorney general of the federation, subject to confirmation by the senate.
The senate passed it's own version of the NFIU bill in September past year while the harmonized and final copy was passed yesterday by the House of Representatives at the plenary presided over by the Deputy Speaker, Sulaimon Yussuff Lasun.