NFIU's statement is in reaction to Nigerian governors' comment that its Advisory and Guidelines on cash transactions were outside the NFIU’s legal remit and mandate.
The Nigeria Financial Intelligence Unit on Saturday expressed its willingness to engage the Nigerian Governors Forum over its plan to stop cash withdrawals from accounts of the federal, state and local governments.
Earlier this month, PREMIUM TIMES reported that the NFIU had set a deadline for cash withdrawals from accounts of the federal, state and local governments and all their Ministries and Department Agencies . The agency also said over N1 trillion in cash was withdrawn from government accounts between 2015 and 2022.The NFIU emphasised that its ban on cash withdrawal on all federal, state and local government accounts was in line with the framework of the law. It noted that it issued the Advisory and Guidelines on cash transactions to control the barrage of investigations that was anticipated.
“But more importantly, we need to understand that in the recent past, the United States FIU and the United Kingdom FIU penalized Nigerian Banks with fines of millions of U.S Dollars due to non compliance. Internally, non compliance with sections cited in the recent Guidelines comes with heavy penalties on financial institutions. We did, on gentlemanly pretext, avoid until this moment putting a fine to financial institutions expecting gradual learning and adjustments.
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