President Muhammadu Buhari passed three bills into law on Thursday in Abuja to improve 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.
The President explained that the news laws conformed with the administration’s commitment to end corruption and illicit financing activities in the country.
Femi Adesina, the presidential spokesperson, said “The new laws have provided enough punitive measures and containment strategies against abuses and compromises”, noting that the inadequacy of all the repealed Acts had impacted legal actions against offenders.”
On the importance of the legislations, the President said, “The signing of these Bills into law today not only strengthens the Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) framework in the Country, but 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.