President Muhammadu Buhari yesterday in Abuja signed into law, three bills aimed at improving the anti-money laundering and counter terrorist financing/proliferation financing framework in Nigeria.
According to a statement by the Special Adviser to the President on Media and Publicity, Mr. Femi Adesina, the bills included 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 the ceremony at the Council Chamber, State House, Abuja, the President described the bills as being in tandem with his administration’s commitment to fight corruption and illicit financing activities, as well as 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measures and containment strategies against abuses and compromises,” he said, noting that the inadequacy of all the repealed Acts had impacted legal actions against offenders.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,” he said.
President Buhari hailed the National Assembly for its tenacity, courage and commitment in ensuring that Nigeria put in place effective measures to address the menace of money laundering, terrorism and terrorism financing.
He noted that the 9th National Assembly had proved to be patriotic, responsive, resourceful and industrious in its legislative assignments, recalling that on January 14, 2022, he sought expeditious passage of the bills.
The President hailed the Assembly under Senate President Ahmed Lawan, the Speaker, Femi Gbajabiamila and their colleagues for responding to his request, saying: “They have certainly carved out a worthy legacy for themselves.”
tion) 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.
“The repeal of the Terrorism (Prevention) Act, 2011 as amended in 2013, and enactment of the Terrorism Prevention and Prohibition) Act, 2022 provides 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.”
Buhari told the ceremony attended by the Senate President and other senators, the Minister of Justice and Attorney-General of the Federation, Abubakar Malami, heads of anti-corruption agencies, including ICPC and EFCC, that the executive arm of the government “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.”
He said the new law mandated 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.
“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,” he said.
Stressing that the fight against corruption required an “All of Government, All of Nation approach’’, the President said every Nigerian had a role to play to rid the country of corrupt practices.
He commended the members of the National Action Task Force comprising Ministries, Departments and Agencies of Government, noting that the bills were a clear demonstration of government functioning at its best with coordination, collaboration and execution all towards a common goal.
The President assured Nigerians that his administration would continue to do its best to secure the nation, saying the bills signed into law represented not just legislative instruments, but also very significant governmental actions projecting courage, determination and sincerity in tackling the menace of money laundering, terrorism and other financial crimes.