Technocrat Media, Abuja
President Muhammadu Buhari says the ninth national assembly has proven to be patriotic and industrious as he signed the Anti-Money Laundering (Prevention and Prohibition) Bill, 2022, into law.
The two bills include the Terrorism (Prevention and Prohibition) Bill, 2022, and the Proceeds of Crime (Recovery and Management) Bill, 2022.
He said the effort is at improving the anti-money laundering and counter-terrorist financing/proliferation financing framework in Nigeria.
Signing the bills into law, on Thursday at the State House, President Buhari said, the bills were in tandem with this administration’s commitment to fighting corruption and illicit financing activities, as well as critical to the governance agenda and the development of Nigeria.
“The new laws have provided enough punitive measures and containment strategies against abuses and compromises,” he said.
Mr Buhari commended the National Assembly for its commitment to ensuring that Nigeria put in place effective measures to address the menace of money laundering, terrorism, and its financing.
According to him, the 9th National Assembly has proven to be patriotic, and industrious in its legislative assignments, recalling that on 14th January 2022, he had sought expeditious passage of the bills.
He noted that repealed Acts 2011 had negative impacts on legal actions against offenders.
“We will not rest until we rid the nation of the menace of money laundering, terrorism, and other financial crimes,” he added.
On the importance of the legislation, the President said:
“The signing of these Bills into law today strengthens the Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) framework in the Country.
“It also addresses the deficiencies identified in Nigeria’s 2nd round of Mutual Evaluation as assessed by Inter-Governmental Action Group Against Money Laundering in West Africa on compliance with the Financial Action Task Force global standards.”
Mr Buhari said the repeal of the Money Laundering (Prohibition) Act, 2011 as amended and the enactment of the Money Laundering (Prevention and Prohibition) Act, 2022 provided a comprehensive legal and Institutional Framework for the prevention and prohibition of money laundering in Nigeria.
It also confers the Economic and Financial Crimes Commission, the legal status of the Special Control Unit Against Money Laundering.
He said the laws provided for the effective implementation of international instruments for the prevention and combating of terrorism and suppression of the financing of terrorism.
“The enactment of the Proceeds of Crime (Recovery and Management) Act, 2022 makes comprehensive provisions for the seizure, confiscation, forfeiture, and management of properties derived from unlawful activity.’’