NFIU to launch new financial guidelines on local government operation- New financial guidelines on the operations of the local government accounts might be launched on Monday, May 6, by the Nigerian Financial Intelligence Unit - The new guidelines might make some state governors lose control of local government funds from the federation account - The agency earlier vowed to track down the politically exposed person and public office holders through a tracking database There are indications that some state governors will lose control of local government funds from the federation account due to the new Nigerian Financial Intelligence Unit (NFIU) guidelines. The Nation reports that the guidelines stated that joint account system in place in most states will only exist for the receipt of allocations but not disbursement. A top source, who spoke in confidence, said the new director of NFIU, Modibbo Hamman-Tukur, is ready to roll out the comprehensive guidelines which will cover government, corporate, Bureau De Change and individual financial transactions. READ ALSO: Buhari makes first statement as he lands Abuja from London The source said: “The NFIU will on Monday launch new financial guidelines, including those bordering on the operations of the local government accounts. "The guidelines will limit cash transactions in the accounts of local governments and promote registered transactions by all the local governments. Governors will also lack control over the utilization of these funds of local governments. “The joint account system in some states will only exist for the receipt of federal allocations meant for local governments and not disbursement." Another source said: “The administration of President Buhari is taking his anti-corruption campaign to a higher level by also blocking sources of stealing in government at all levels, money laundering, terrorism financing and others. We should expect more transparency in governance, especially at the third tier, which is the local government level." A statement by the NFIU through its acting chief media analyst, Ahmed Dikko, said it will soon complete the beneficial ownership data base for politically exposed persons. The statement read: "The main focus of the NFIU will be to fight all crimes through money laundering, terrorism financing and proliferation of weapons real time analyses in the entire country. “Significant measures to be implemented by the NFIU in the near future will include full implementation of the National Sanctions regime to all detected areas of vulnerabilities within our systems. Other areas include issuing guidelines, advisories etc. that will affect cash transactions processes of local, state, federal governments and bureau de change etc. READ ALSO: NAIJ.com upgrades to Legit.ng: a letter from our Editor-in-Chief Bayo Olupohunda “The unit will also release new reporting requirements on suspicious transactions for terrorism prone areas and on suspects taken into custody in violent and flashpoint communities to check vices of terrorism, proliferation of small arms, kidnapping, ethnic violence, cattle rustlings etc. with the view to providing credible intelligence for law enforcement and national security. “Finally, efforts of the federal government to set up the beneficial ownership data base for politically exposed persons and public servants will be completed and expanded to capture additional necessary areas. “The new process which includes new approach to analysing compliance in public account expenditures will almost shut down corruption from the way we used to know and new transparency methods will come to governance." Recall that Legit.ng reported that the Nigerian Financial Intelligence Unit vowed to take a tough action and begin man hunt on people facing crimes bordering on money laundering and terrorism financing. The declaration was made in a statement released by NFIU through its acting chief media analyst, Ahmed Dikko, on Monday, March 25. The agency vowed to track down the politically exposed person and public office holders through a database capable of tracking their financial transaction. NAIJ.com (naija.ng) -> Legit.ng. We have upgraded to serve you better The EFCC stage a walk against corruption | Legit TV: Source: Legit.ng - New financial guidelines on the operations of the local government accounts might be launched on Monday, May 6, by the Nigerian Financial Intelligence Unit - The new guidelines might make some state governors lose control of local government funds from the federation account - The agency earlier vowed to track down the politically exposed person and public office holders through a tracking database READ ALSO: READ ALSO: Legit.ng NAIJ.com naija.ng Legit.ng