An Examination of the Nigeria Financial Intelligence Unit Act 2018 in the War Against Financial Crimes

ABSTRACT

Financial crime encompasses a range of behaviours such as embezzlement, bribery, and nepotism, but in general corruption refers to the type of behaviours that officials use public offices for private gain. It was upon this premise that the NFIU Act 2018 was enacted in order to institutionalize best practices in financial intelligence management in Nigeria; strengthen the existing system for combating money laundering and associated predicate offences, financing of terrorism and proliferation of weapons of mass destruction. This paper which adopted doctrinal research methodology critically examined the efficacy of the NFIU Act 2018 as an extant law anti-graft law in Nigeria; the status of the NFIU in combating corruption in Nigeria; juxtapose the provisions of the NFIU Act 2018 with other international best practices and principles on financial crimes; and examined the challenges that bedevil the fight against financial crimes under the NFIU Act 2018.

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