NFIU threatens to sanction banks over illegal withdrawals from LG funds
Acting Chief Media Analyst of NFIU, Ahmed Dikko, made this known in a statement in Abuja on Monday. He announced that the effective date for operation of the guidelines was June 1.
“State Joint Local Government Account shall be paid in, allocations to the local government councils of the state from the Federation Account and from the government of the state. The media analyst explained that the measures were necessitated by reasons on the NFIU to respond to threats of isolating the country’s financial system by international financial systems due to deficiencies in anti-money laundering.
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