The House of Representatives, has acted in tandem with its Senate counterpart, as it on Wednesday passed the reviewed terrorism financing prohibition, and other related legislative instruments.
President Muhammadu Buhari, had in separate letters to the two chambers of the National Assembly, requested the passage of the bills, as he explained that the deficiencies in the country’s Anti-Money Laundering/Combating the Financing of Terrorism regime (AML/CFT), made it imperative for the passage of the bills, warning that the non-passage of the bills posed a risk that might lead to the eventual blacklisting of Nigeria by the Financial Action Task Force, (FATF).
“During the recent Mutual Evaluation carried out by the Inter-Governmental Action Group against Money Laundering in West Africa (GABA) there were observed deficiencies in Nigeria’s Anti-Money Laundering/Combating the Financing of Terrorism regime (AML/CFT),” the President had explained.
Constrained by the international deadline, the House of Representatives called members back from the ongoing break for special session during which bills were passed alongside the Proceeds of Crime Bill, and an amendment to the Public Complain Commission establishment Act bill.
Addressing journalists after the session, spokesman of the House, Hon. Benjamin Kalu, noted that as a parliamentary house, “we are supposed to be a solution hub, where after analysing challenges, we provide solutions through legislative interventions”, adding that the same purpose was what had been achieved with passage of the bills.
He said said the House had in line with the Senate, looked at the laws on the management of issues relating to terrorism, which he described as a hydra-headed monster, and saw the need to give them biting force. “That we created today in line with the Senate”, he submitted.
On terrorism, the lawmaker said the revised law reflect the international best practices in managing terrorism. We also have the issue of corruption. The law needed a revisit, so we have done so , as it will create a special control unit in the EFCC, which is now to be better equipped in handling issues relating to money laundering.. The old Act, since 2011 has been obsolete”, he noted.
Also, he said the Public Complain Commission, before now had no right teeth for it to bite, but that through the passed amendment, “we have given them power to do better”.
