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Emefiele, Bawa Frown At Senate’s Money Laundering Bills

The Central Bank of Nigeria and the Economic Crimes Commission have kicked against the plan by the Senate to enact new anti-money laundering laws without required amendments on the existing Money Laundering ( Prevention ) Act 2011. PeoplesGazette reports.

According to PeoplesGazette, CBN governor Godwin Emefiele made the position known during a public hearing in Abuja organised by Senate Joint Committees on Anti-Corruption and Financial Crimes, Judiciary, Human Rights and Legal Matters and the Ethics, Privileges and Public Petitions.

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“There will be a risk that the international assessment identifies new gaps, which would lead to rating downgrades. Consequently, the CBN is opposed to the passage of the proposed bills for the repeal and re-enactment of the existing Money Laundering (Prevention) Act 2011,” he argued. Information Guide Nigeria

The public hearing was on three bills (Money Laundering [Prevention and Prohibition] Bill, 2021, Public Complaints Commission [Repeal and Re-enactment] Bill, 2022, and Proceeds of Crimes [Recovery and Management] Bill 2021.

Mr Emefiele was represented by CBN director Chibuzor Efobi. He said an amendment of the existing Money Laundering (Prevention) Act 2011 would better serve the interest of Nigeria than repeal and re-enactment. jamb results

“Where the existing Money Laundering (Prevention) Act 2011 is repealed and re-enacted, there would be new legal foundations which have not been assessed,” he added.

According to him, there is the likelihood that the new law will be deficient in other areas not limited to the deficiencies identified in the Mutual Evaluation Report.