Three bills aimed at enhancing Nigeria’s anti-money laundering and counter-terrorist financing/proliferation financing framework were signed into law by President Muhammadu Buhari on Thursday, May 12.
Money Laundering (Prevention and Prohibition) Bill 2022, Terrorism (Prevention and Prohibition) Bill 2022, and Proceeds of Crime (Recovery and Management) Bill 2022 are the three bills aimed at redressing the menace of corruption across the country.
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The measures, Buhari said while signing them in the Council Chamber of State House in Abuja, were in line with the administration’s resolve to combat corruption and illicit finance, as well as important to Nigeria’s governance agenda and development.
The new laws have provided enough punitive measures and containment strategies against abuses and compromises.
Buhari noted that the inadequacy of all the repealed Acts had impacted legal actions against offenders, stressing;
We will not rest until we rid the nation of the menace of money laundering, terrorism, and other financial crimes.
The President praised the National Assembly for its perseverance, boldness, and dedication in ensuring that Nigeria implemented strong measures to combat money laundering, terrorism, and its financing.
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He claimed that the 9th National Assembly has proven to be patriotic, responsive, resourceful, and diligent in its legislative tasks, recalling that he requested fast approval of the measures on January 14, 2022.
Buhari also praised the Assembly’s response to his request, noting that Senate President, Ahmed Lawan and Speaker, Femi Gbajabiamila, as well as their colleagues “have clearly carved out a great legacy for themselves.”
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.
He went on to say that the laws had been signed into law because they were “extremely major governmental steps projecting boldness, resolve, and sincerity in combating the threat of money laundering, terrorism, and other financial crimes.”