-The Nigerian Financial Intelligence Unit (NFIU) has been intercepting funds used to finance terrorist activities, effectively cutting off the financial support that sustains these criminal networks.
-NFIU’s use of “stop orders” prevents criminals from using illicit proceeds, aiding in crime prevention. This includes preventing funds from being used in further crimes like fraud and business email compromise.
-In today’s tech-driven financial landscape, the NFIU’s cooperation with the Egmont Group allows funds connected to international fraud to be frozen and returned, strengthening international financial security.
-Under the Money Laundering (Prevention and Prohibition) Act 2022, Section 7(6) grants the NFIU authority to issue a 72-hour “stop order” for transactions deemed suspicious, facilitating a timely investigation before funds are transferred.
-Bakari emphasized the need to consider ethical limits in applying “stop orders,” ensuring balance in the fight against money laundering while respecting legal rights.
Peoplesmind
