AT the backdrop of Nigeria’s suspension from the Egmont Group of Financial Intelligence Units, the National Insurance Commission, NAICOM,   has said that 200 insurance brokers out of the 358 operating in the country are yet to register with the Nigerian Financial Intelligence Unit, NFIU, on money laundering and terrorism financing.


Nigeria was suspended last week by the global financial intelligence community over a percieved lack of transparency in the nation’s financial system. Director, Inspectorate Unit of the National Insurance Commission, NAICOM, Mr. Thompson Barineka, who disclosed this at the 2017 National Insurance Conference in Abuja, urged insurance brokers yet to register to do so immediately. “200 insurance brokers have not registered with the NFIU.


The President of Financial Action Task Force (FATF) is coming to Nigeria and he will visit NAICOM and the insurance brokers,” he disclosed. The establishment of the NFIU is based on the requirements of Recommendation 29 of the FATF with the objective of setting standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.


Special Assistant to President Muhammadu Buhari on Justice Reform, Mrs. Juliet Ibekaku, warned insurance companies to always ensure that they submit to the unit for investigation.