President Buhari Signs Three Critical Bills

Nigeria’s President, Muhammadu Buhari on Thursday signed three critical bills into law.

Presidential Spokesman, Femi Adesina, made this known in a statement in Abuja, Naija News reports.

He listed the three bills as 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.

Speaking at a signing ceremony at the Presidential Villa, Buhari said the Money Laundering (Prevention and Prohibition) Bill, 2022 will help improve the anti-money laundering policy of his administration.

The President added that the Terrorism and Proceeds of Crime bills would prevent terrorist acts and improve the terrorism financing framework in the country.

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.

“The signing of these bills into law today not only strengthens the Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) framework in the country but 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.

“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.”

Buhari said the three laws are in line with his commitment to fighting corruption and illicit financing activities, adding that they are critical to the governance agenda and the development of the nation.

He explained that the new laws mandate the creation of dedicated accounts for the proceeds of crime and other confiscated assets in order 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.“