On Thursday, President Muhammadu Buhari has signed three new bills into law. The bills are aimed at improving the country’s anti-money laundering and counter terrorist financing/proliferation financing framework.
The three 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.
President Buhari described the bills as being in tandem with his regime’s commitment to fighting corruption and illicit financing activities. He said, “The new laws have provided enough punitive measures and containment strategies against abuses and compromises.”
“We will not rest until we rid the nation of the menace of money laundering, terrorism, and other financial crimes.”
He went on to commend the National Assembly for their tenacity, courage and commitment. Adding that they made sure to put in place effective measures to address the menace that is 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 14th January, 2022, he had sought expeditious passage of the bills.
“Accordingly, the repeal of the Money Laundering (Prohibition) Act, 2011 as amended and enactment of Money Laundering (Prevention and Prohibition) Act, 2022 provides comprehensive legal and Institutional Framework for the prevention and prohibition of money laundering in Nigeria and confers on the Economic and Financial Crimes Commission, the legal status of the Special Control Unit Against Money Laundering.” President Buhari added.
While speaking, he charged all relevant agencies to endure the effective implementation of the new laws.
Adding that, “The robust frameworks diligently enshrined in the Acts can only serve useful purposes when every bit of them is enforced.”