The Senate on Thursday passed the bill seeking to remove the Nigerian Financial Intelligence Unit, NFIU, from the control of the Economic and Financial Crimes Commission, EFCC.
When passed into law, the NFIU will become an agency standing on its own.
The bill scaled through the Second Reading on Tuesday.
At the end of the Second Reading on Tuesday, the committee working on the bill was directed to submit its report on Wednesday.
Upon submission, it was passed on Thursday.
Having been passed the fourth legislative day after it was initiated last week, the bill was apparently given an accelerated treatment.
In fact, the traditional public hearing that goes with the exercise was not observed.
The reason for the accelerated process, the Senate explained, was to enable Nigeria avoid expulsion from the Egmont Group of financial intelligence units, which had suspended the country over absence of legal framework that guarantees independence of the Nigeria’s unit.
The bill will become law when passed by the House of Representatives and signed by the President or vetoed by the legislators.
The NFIA when established will be saddled with the task of receiving, requesting, analysing and disseminating financial intelligence reports.
It will also be responsible for information to law enforcement, security and intelligence agencies and other relevant authorities.