Buhari Seeks Passage Of Money Laundering, Terrorism Prevention Bills
The Senate on
Thursday, April 14, 2022 received an Executive Communication forwarding the
Money Laundering Bill, 2022 and Terrorism Prevention Bill, 2022 from
President Muhammadu Buhari. The President requested the Senate to expeditiously
consider and pass the two important Bills.
The request was
contained in a letter read on the floor of the Chamber by the Senate President,
Ahmad Lawan at the commencement of Thursday’s plenary session.
Buhari, in the letter dated 12th April, 2022, said the request for the passage
of both Bills was in pursuant to the provisions of Section 58 (2) of the 1999
Constitution as amended.
that the deficiencies in the country’s Anti-Money Laundering/Combating the
Financing of Terrorism regime (AML/CFT), makes it imperative for the passage of
expressed worry that the non-passage of both Bills poses serious risk that may
lead to eventual blacklisting of Nigeria by the Financial Action Task Force
reads in parts, “Pursuant to Section 58(2) of the 1999 Constitution of the
Federal Republic of Nigeria (as amended), I forward herewith, the Money
Laundering (Prohibition) Bill, 2022 and Terrorism (Prevention) Bill, 2022 for
the kind consideration of the Senate.
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
evaluation, the Ministry of Justice and other relevant stakeholders reviewed the
said deficiencies and drafted the Money Laundering (Prohibition) Bill, 2022 and
Terrorism (Prevention) Bill, 2022”.
deficiencies are addressed promptly by the National Assembly, in order to bring
our legal regime in conformity with Financial Action Task Force (FATF)
recommendations, Nigeria will face the risk of a negative public statement
blacklisting the country by FATF and this will lead to some negative
consequences on our rapidly growing economy”.
“In light of
the above, the Federal Ministry of Justice reviewed the Money
Bill and Terrorism (Prevention) Bill currently pending before the National
Assembly and have come up with revised versions of the Bills, incorporating the
resolutions to the deficiencies pointed out in the Mutual Evaluation Report,
thereby bringing Nigeria’s AML/CFT legal regime in conformity with the FATF
Dr. Ezrel Tabiowo, FAI, FIMC, CMC, FCP, Fsca
Special Assistant (Press)
To President of the Senate
Thursday, April 14, 2022.