News: Buhari Transmits Money Laundry Prevention Bill to Reps - Dealmakers Bureau De Change

News: Buhari Transmits Money Laundry Prevention Bill to Reps

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News: Buhari Transmits Money Laundry Prevention Bill to Reps

President Muhamadu Buhari has transmitted the Money Laundry Bill 2022 to the House of Representatives for consideration and passage into law.

The bill was presented to the house by Ahmed Idris-Wase, Deputy Speaker of the House at resumed plenary on Wednesday.

The following is as quoted in the letter to the house:

“Pursuant to section 58(2) of the 1999 Constitution of the Federal Republic of Nigeria, I forward therein, with money laundry bill and terrorism prevention bill 2022 for the kind consideration of the House of Representatives. During the recent mutual evaluation carried out by the inter-governmental action group against money laundry in West Africa, there were observed deficiency in the Nigeria’s anti-money laundry. Following the review, the Ministry of Justice and relevant stakeholders reviewed the said deficiencies and drafted the money laundry bill 2022 and terrorism bill 2022. Unless these deficiencies are addressed promptly by the National Assembly in order to bring the legal regime in conformity with the United Action Task Force recommendation, Nigeria will face the risk of negative public statement; blacklisting the country by financial action task force, and this will lead to some negative consequences to our rapidly growing economy.

In the light of the above, the Federal Ministry of justice reviewed the bill currently pending before the National Assembly and have come up with versions of the bills, incorporating the deficiencies by the mutual evaluation report.”

The bill which also included a terrorism prevention bill seeks to address the deficiencies in the Nigeria’s anti-money laundry and terrorism laws to meet contemporary demands and global best practices.

We now await the outcome of the green chambers on the bill.

 

cc: BusinessDay

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