Financial Intelligence Bill Will Check Embezzlement Of Public Funds – Tambuwal

The speaker of the House of Representatives in Nigeria, Mr Aminu Tambuwal, has expressed hopes that the creation of a National Financial Intelligence Agency will help check the reckless manner public officials manage public funds to the detriment of the country.
The expression is coming as the house is expected to begin deliberation on a bill aimed at setting up the agency.
At a public hearing organised by the House Committee on Drugs, Narcotics and Financial Crimes on Monday, the speaker said that billions of Naira go missing in Nigeria every hour as a result of mismanagement and outright theft of monies belonging to the commonwealth.
He said that the high level of financial impunity in Nigeria was possible because of dubious accounting procedures and lack of specialised agencies that could get facts and details necessary to check corrupt practices and ensure that the perpetrators were successfully prosecuted.
“The bill will help in rectifying the deficiencies in our financial system especially, the share number of loop holes that make it possible for people to perpetrate massive fraud and go unpunished.
“We want to move our nation from the prevailing system whereby a selected few is privileged to a complex way that money is moved around in this country.
“They hide under the shadow and perpetrate all kinds of scam,” the speaker of the house said.
Most of the agencies and civil society organisations that attended the event supported the bill, saying it will also help curb the challenges of money laundering and the financing of terrorism.
The American government had called on the Nigerian government to focus on implementation of policies set up to tackle corruption in other to move the country forward.















REF  http://www.channelstv.com/home/2014/02/03/financial-intelligence-bill-will-check-embezzlement-of-public-funds-tambuwal/