President Buhari Signs Anti-money Laundering Bills Into Law

President of Nigeria, General Muhammadu Buhari (rtd), has signed three bills into law, to improve the country’s anti-money laundering and counter-terrorist financing framework. THE CABLE reports.

Buhari assented to bills yesterday at the Council Chamber in Abuja.

The bills include 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. Information Guide Nigeria

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“The new laws have provided enough punitive measures and containment strategies against abuses and compromises,” he said.

“We will not rest until we rid the nation of the menace of money laundering, terrorism, and other financial crimes.”

“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.”

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. jamb results

He added that it also confers the Economic and Financial Crimes Commission (EFCC), the legal status of the special control unit against money laundering.

He said the new law mandates the creation of dedicated accounts for the proceeds of crime and other confiscated assets, to enhance the accountability of the process.

“I have therefore taken time to note the emphasis placed on collaboration, synergy, and unification of strategies and measures to combat the scourge of Money Laundering and terrorism financing and proliferation financing in the Act,” he said.

“The primary objectives of these measures are to ensure an effective, unified, and comprehensive legal, regulatory and institutional framework for the implementation of the Acts.

“This is profound and calls for coordinated responses to the challenges posed by the menace.

“I, therefore, charge all relevant agencies to ensure effective implementation of these new laws.

“The robust frameworks diligently enshrined in the Acts can only serve useful purposes when every bit of them is enforced.”

Buhari who said the fight against corruption required an “all of government, all of the nation approach’’, stressed that every Nigerian had a role to play to rid the country of corrupt practices.