President Muhammadu Buhari, yesterday, signed into law, three Bills aimed at improving the anti-money laundering and counter-terrorist financing/proliferation financing framework in Nigeria.
The bills are: the Money Laundering (Prevention and Prohibition) Bill, 2022; the Terrorism (Prevention and Prohibition) Bill, 2022, and the Proceeds of Crime (Recovery and Management) Bill, 2022.
While signing the laws at the Council Chamber, State House, Abuja, the President said that 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.
“We will not rest until we rid the nation of the menace of money laundering, terrorism, and other financial crimes”, he added.
President Buhari commended the National Assembly for the tenacity, courage and commitment in 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, responsive, resourceful and industrious in its legislative assignments, recalling that on January 14, 2022, he had sought expeditious passage of the Bills.
He lauded the Assembly, under Senate President, Ahmed Lawan, and the House Speaker, Femi Gbajabiamila, and their colleagues for responding to his request, saying they “have certainly carved out a worthy legacy for themselves”.
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, (EFCC), the legal status of the Special Control Unit Against Money Laundering.
According to Buhari, the new law mandates the creation of dedicated accounts for the proceeds of crime and other confiscated assets, in order to enhance the accountability of the process.
While stressing that the fight against corruption required an “All of Government, All of Nation approach’’, the president affirmed that every Nigerian had a role to play to rid the country of corrupt practices.
He commended the members of the National Action Task Force, comprising several Ministries, Departments and Agencies (MDAs) of Government.
The President assured Nigerians that his administration would continue to do its best to secure the nation.
The event was attended by the Senate President and other senators, the Minister of Justice and Attorney-General of the Federation, (AGF), Abubakar Malami, and Heads of anti-corruption agencies, including ICPC and EFCC.
