The Nigeria Financial Intelligence Unit has barred cash withdrawals from accounts belonging to the Federal Government, all of its agencies, states, and local governments.
It also established new criteria for compliance by all financial institutions, non-financial institutions, public authorities, and foreign missions in the country, among others.
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Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to CanadaThe NFIU cited excess and found that state governments withdrew N701.54 billion in cash between 2015 and 2022, while the federal government withdrew N225.72 billion.
Within the same time period, all 774 local governments together only withdrew N156.76 billion.
It was stated that the enforcement, rules, and regulations are for the reduction of money laundering, terrorist financing, weapon proliferation, and the prevention of predicate offences.Information Guide Nigeria
The agency revealed that the enforcement and guidelines are in accordance with the provisions of Section 2 (Cash transactions outside financial institutions limit), Section 13 (Use of new products, business practises, and new technologies) of the Money Laundering (Prevention and prohibition) Act, 2022, and Section 26 (Seizure and detention of cash) of the Proceeds of Crime (Recovery and management) Act, 2022.
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It stated that this would result in the cessation of cash withdrawals in naira and foreign denominations from federal, state, and local government accounts.
The NFIU stated that the measure would go into effect on March 1, 2023, and that any government official who withdraws cash from public accounts would be investigated by the Economic and Financial Crimes Commission, the Independent Corrupt Practices and Other Related Offences Commission, and the Nigeria Police Force in collaboration with the NFIU, depending on the gravity of the situation.JAMB portal
It declared that cash withdrawals from public accounts will be considered money laundering, citing the Money Laundering (Prevention and Prohibition) Act of 2022.
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Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to CanadaSpeaking to journalists in Abuja on Thursday, the NFIU’s Chief Executive Officer, Moddibo Tukur, said the suspension was required to slow the rate at which funds were removed from public accounts in flagrant violation of money laundering rules and occasionally for corrupt objectives.NYSC portal
He said, βThe rate of withdrawals above the threshold from public accounts has been alarming. Over N701bn has been withdrawn in cash from 2015 till date.
βThe NFIU had told banks and government agencies at all levels to go fully digital by moving online, as all transactions involving public money must be routed through the banks for the purpose of accountability and transparency.
βThis is not reversible as we are only enforcing the law. As far as we are concerned, Nigeria will become a full non-cash economy by March 1, 2023 this year. As a consequence, any government official that withdraws even one naira cash from any public account from March 1 will be investigated and prosecuted in collaboration with relevant agencies like EFCC, ICPC and the NPF.βJAMB Result
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