President Muhammadu Buhari has signed three bills into law,
to improve the country’s anti-money laundering and counter-terrorist financing
framework.
Buhari assented to bills on Thursday 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.
Buhari said the bills were in tandem with his administration’s
commitment to fighting corruption and illicit financing activities, as well as
critical to the governance agenda and the development of Nigeria.
“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.
He added that it also confers the Economic and Financial
Crimes Commission (EFCC), the legal status of the special control unit against
money laundering.
According to him, the laws provided for the effective
implementation of international instruments for the prevention and combating of
terrorism and suppression of the financing of terrorism.
He said the enactment of the Proceeds of Crime (Recovery and
Management) Act, 2022 makes comprehensive provisions for the seizure,
confiscation, forfeiture, and management of properties derived from unlawful
activity.
Buhari revealed that the executive arm of government
“carefully avoided creating another asset recovery and management agency with
its cost implications in deference to government’s sensitivity to the rising
cost of governance”.
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.
He added that the bills, signed into law, represented not
just legislative instruments but very significant governmental actions
projecting courage, determination, and sincerity in tackling the menace of
money laundering, terrorism, and other financial crimes.
Buhari also commended the national assembly for the
tenacity, courage, and commitment to ensuring that Nigeria put in place
effective measures to address the menace of money laundering, terrorism, and
its financing.
He lauded the assembly under Ahmed Lawan, senate president,
and the Femi Gbajabiamila, speaker, House of Representatives, and their
colleagues for responding to his request, saying they “have certainly carved
out a worthy legacy for themselves”.
Buhari further assured Nigerians that his administration
would continue to do its best to secure the nation.
“The bills are a clear demonstration of government
functioning at its best with coordination, collaboration, and execution, all
towards a common goal,” he said.
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