President Buhari sends money laundering and terrorism prevention bills to House of Reps

President Buhari sends money laundering and terrorism prevention bills to House of Reps

President Muhammadu Buhari has forwarded the Money Laundering and Terrorism Prevention Bills 2022 to the House of Representatives for consideration and passage into law.

At the House’s resumed plenary on Thursday, April 14, Deputy Speaker of the House Ahmed Idris-Wase read a cover letter for the two parts of the bill.

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The proposals aim to fix Nigeria’s anti-money laundering and anti-terrorism laws so that they can keep up with modern needs and worldwide best practices.

In part, the letter stated:

“Pursuant to Section 58(2) of the 1999 Constitution of the Federal Republic of Nigeria, I forward therein, wit money laundering 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 deficiencies in the Nigeria’s anti-money laundering; combating (terrorism). 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 money laundering bill and terrorism prevention bill currently pending before the National Assembly and have come up with versions of the bills, incorporating the deficiencies by the mutual evaluation report.”

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