NFIU Plans New Intelligence-Sharing Platform Against Illicit Finance

The Nigerian Financial Intelligence Unit is working on a new platform for public and private institutions to share financial intelligence and respond faster to illicit finance threats.

The plan, called the Joint Financial Intelligence Collaboration framework, brings together regulators, banks, insurance companies, fintech firms, virtual-asset service providers, technology companies and other stakeholders.

The NFIU said the framework is meant to help institutions identify emerging threats, disrupt illicit financial networks and strengthen Nigeria’s financial system. Daily Trust reported that the agency recently warned that crowdfunding networks were being exploited to raise and move funds for terrorist operations.

Premium Times reported that representatives met in Abuja on Wednesday to design the framework. The meeting was organised by the NFIU with support from the British High Commission in Nigeria and the Convention for Business Integrity.

NFIU Chief Executive Officer Hafsat Bakari said the work had moved from discussion into design and implementation. Felix Obiamalu, the unit’s General Counsel, represented her at the meeting.

The discussion also included input from Xolisile Khanyile, a former chairperson of the Egmont Group and former Director of South Africa’s Financial Intelligence Centre, who urged Nigeria to take a practical, phased approach to the partnership.

Sources: Daily Trust, Premium Times