In a bid to strengthen Nigeria’s anti-money laundering and counter-terrorist financing framework, President Muhammadu Buhari assented to 3 bills on Thursday in the Council Chamber, State House. The signed bills are 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 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.
“The signing of these Bills into law 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”.
The President said that according to the Money Laundering (Prevention and Prohibition) Act, 2022, the Economic and Financial Crimes Commission (EFCC) has been given the legal and institutional framework to prevent and prohibit money laundering in Nigeria.
According to President Buhari, “The repeal of the Terrorism (Prevention) Act, 2011 as amended in 2013 and enactment of Terrorism (Prevention and Prohibition) Act, 2022 provides the effective implementation of international instruments on the prevention and combating of terrorism and suppression of the financing of terrorism.
“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”.
