DAILY POST reports that the EGMONT Group is a network of 152 member countries that share information relating to criminal intelligence and financial information.
The Eagle Online gathered that work was concluded on the Bill on Monday night by the Conference Committee of both the Senate and House of Representatives.
The Senate has passed a bill seeking to establish the Nigerian Financial Intelligence Agency (NFIA) as an autonomous body.
While Oladele proposed that it should be domiciled within the Economic and Financial Crimes Commission, it was eventually agreed that the Central Bank of Nigeria should be given the responsibility.
Also recall that the group had threatened to expel Nigeria permanently by March 11 if the Nigerian government failed to grant the unit the autonomy required to become its member.
Saraki said: "Today, in-line with our commitment to support the fight against corruption through legislation, we passed the Report of the Nigerian Financial Intelligence Unit (NFIU)".
Nigeria will also be blacklisted in worldwide finance operations and this could affect the use of credit and debit cards by Nigerians overseas.
Ekweremadu commended Utazi and his counterpart in the House of Representatives, Kayode Oladele, for putting aside their differences and presenting a harmonised report.
The group had demanded autonomy for the NFIU as a condition for the suspension to be lifted, failing which Nigeria would be expelled in March 2018.
"I hope on the part of the Executive, they will quickly assent to this Bill and also ensure that the independence of the Financial Unit goes beyond just signing this Bill into law".
"The House version states that the head of the agency should be called director, while the Senate version states that the head of the agency should be called director-general; the House version was adopted". What used to obtain was a hybrid type where you have enforcement as well as administrative functions put together because it was domiciled in the EFCC.
The Egmont Group had insisted that failure to make it legally independent would have led to financial transactions from Nigeria including funds transfer and credit cards would have been subject to special controls, banking sources said.