The Nigerian Financial Intelligence Unit yesterday released new guidelines aimed at mitigating money laundering, terrorist financing, and proliferation of weapons among others.
The provisions of the framework also prohibit cash withdrawal from public accounts and ban the payment of estacodes and overseas allowances to civil and public servants in cash – in an apparent drive to complement the recent efforts by the Central Bank of Nigeria to tackle terrorism-related financing as well as promote a cashless economy.
The Enforcement, Guidelines, and Policies for Mitigation of Money Laundering, Terrorist Financing, Proliferation of Weapons and Prevention of Predicate Crimes, was signed by the NFIU Director, Mr. Modibbo Hamman Tukur, and made available to newsmen.
The Nigerian Financial Intelligence Unit also said the enforcement and implementation of the guideline by all public authorities, institutions, and organisations in the financial sector, financial institutions, and designated non-financial institutions will commence on March 1, 2023.
Tukur said the Unit supports the Central Bank of Nigeria circular on cash withdrawal limit which is in harmony with the law, provided in Section 2 of the Money Laundering (Prevention and Prohibition) Act, 2022 , adding that the new guidelines will support the efforts of the apex bank.
