President Muhammadu Buhari has signed into law, three bills to improve the anti-money laundering and counter terrorist financing/proliferation financing framework in Nigeria.
The bills are 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.
The President, while signing the laws on Thursday in the Council Chamber of the Presidential Villa, Abuja, said that the bills were in tandem with this administration’s commitment to fight corruption and illicit financing activities.
According to him, they are also 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He noted that the inadequacy of all the repealed Acts had impacted legal actions against offenders.
“We will not rest until we rid the nation of the menace of money laundering, terrorism and other financial crimes.”
The President commended the National Assembly for its tenacity, courage and commitment to ensure that Nigeria puts in place effective measures to address the menace of money laundering, terrorism and its financing.
According to him, the 9th National Assembly has proven to be patriotic, responsive, resourceful and industrious in its legislative assignments.
The President recalled that on 14th January, 2022, he had sought expeditious passage of the bills and lauded the Assembly under Senate President Ahmed Lawan and the Speaker, Femi Gbajabiamila as well as their colleagues for responding to his request, saying:
“They have certainly carved out a worthy legacy for themselves”.
On the importance of the legislations, the President said:
“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.”
President Buhari said that the repeal of the Money Laundering (Prohibition) Act, 2011 as amended and enactment of Money Laundering (Prevention and Prohibition) Act, 2022 provided comprehensive legal and Institutional Framework for prevention and prohibition of money laundering in Nigeria.
It also confers the Economic and Financial Crimes Commission the legal status of the Special Control Unit Against Money Laundering.
According to him, the laws provide for 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.”
He said that the executive arm of government had “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”.
According to him, 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.
“The primary objectives of these measures are to ensure 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.”
While stressing that the fight against corruption required an “All of Government, All of Nation approach”, the President affirmed that every Nigerian had a role to play to rid the country of corrupt practices.
He commended members of the National Action Task Force, comprising several Ministries, Departments and Agencies of government.
He observed that “the bills are a clear demonstration of government functioning at its best with coordination, collaboration and execution, all towards a common goal”.
He assured Nigerians that his administration would continue to do its best to secure the nation.
President Buhari said 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.
The event was attended by the Senate President and other senators, the Minister of Justice and Attorney-General of the Federation, Abubakar Malami and Heads of anti-corruption agencies, including ICPC and EFCC.
