By Joshua Egbodo
Abuja
It what could comfortably be described as move to boost the ongoing war against corrupt practices, President Muhammadu Buhari has approached the National Assembly for the enactment of two laws with a view to effectively nail people involved in money laundering.
Buhari in a letter addressed to Speaker of the House of Representatives, Hon. Yakubu Dogara, dated 26 January, 2016 and read on the floor yesterday, sought the expeditious passage by the House, a money laundering prevention and prohibition Bill 2016, and and the mutual assistance in criminal matters Bill 2016.
Former President, Goodluck Jonathan had in June 2011, signed the terrorism funding (prevention) Bill, 2011 and the money laundering (prohibition) Bill 2011, passed by the sixth National Assembly into law, with the Money Laundering (Prohibition) Act, 2011 repealing the one of Act 2004, and making comprehensive provisions to prohibit the financing of terrorism, and the laundering of the proceeds of crime or illegal acts, as well as expanding the scope of supervisory and regulatory authorities.
President Buhari in the highlights of the new proposed law against money laundering prevention Bill, however explained that the Bill was seeking to repeal the 2011 Act as amended in 2012 “to make comprehensive provisions to prohibit the laundering of criminalactivities, expand the scope of money laundering offences, provide for protection of employees of various institutions, bodies and professions who may discover money laundering and enhance customer due diligence”.
The President further disclosed that the new proposed Bill also makes provision for appropriate penalties and expand the scope of supervisory bodies “whilst recognizing the role of certain self-regulatory organizations to address the challenges faced in the implementation of comprehensive anti-money laundering regime in Nigeria”.
Buhari who in his recent visit to the United Arab Emirate (UAE) signed an understanding agreement for the country’s assistance in recovering stolen funds, and confiscating of assets acquired through such funds for Nigeria explained that the mutual legal assistance in criminal
matters Bill seeks to facilitate the provision and obtaining by Nigeria of international assistance in criminal matters”.
According to the President, the provisions include for the obtaining of evidence and things, the making of arrangement for persons to give evidence or assist in criminal investigations, the recovery, forfeiture or confiscation of property in respect of offences, the restraining of dealings in property or the freezing of assets that may be recovered.
The Bill further proposed the provision for forfeiture or confiscation in respect of offences, the execution of requests for search and seizure, the location and identification of witnesses and suspects, the service of documents and other matters connected there with.
