August 15, 2017

Forensic accountants express support for Financial Intelligence Bill

Forensic accountants express support for Financial Intelligence Bill


By Gabriel Ewepu

Forensic accountants under the  Society for Forensic Accounting andFraud Prevention, SFAFP, have expressed support for the Financial Intelligence Bill, which was passed by the Senate into law and now awaits the President’s assent.

The Chairman, Board of Trustees, SFAFP, Prof Benjamin Osisioma, made this known at the society’s maiden graduation of 28 new members and second batch induction of 58 associates of the society at the Independent Corrupt Practices and Other Related Offences Commission, ICPC, Academy, Keffi, Nasarawa State.

Osisioma who described the graduation as historic said the new bill seeking to separate the Nigerian Financial Intelligence Unit, NFIU, from the Economic and Financial Crimes Commission, EFCC, will save the country from being expelled permanently by the EGMONT Group, a network of international Financial Intelligence Unit with 154 member countries, which has suspended Nigeria as its member over the non-establishment of the NFIA as a unit standing autonomously.

According the Professor of Accounting at the Nnamdi Azikiwe University, Awka, the bill passed by the Senate was a step in the right direction that would meet global best practices in fighting and prevention of corruption and other financial crimes in the country if President Muhammadu Buhari assents to it.

Osisioma said: “The EFCC is facing some global challenges. The Financial intelligence wing is supposed to be an independent body operating separately.

Also speaking, the Executive Secretary, SFAFP, Dr Abuchi Ogbuju, stated that the training was conducted on how to prevent fraud and other financial crimes in the country.