President Muhammadu Buhari on Thursday in Abuja signed into law, three bills aimed at improving 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. Speaking at a signing ceremony at the Council Chamber, State House, the President described the bills as being in tandem with this administration’s commitment to fight corruption and illicit financing activities, as well as critical to the governance agenda and the development of Nigeria.
In a statement signed by presidential spokesperson Femi Adesina, President Buhari commended the National Assembly for their tenacity, courage and commitment in ensuring that Nigeria has put in place effective measures to address the menace of money laundering, terrorism, and terrorism financing. On the importance of the legislations, the President explained that the new law mandates the creation of dedicated accounts for the proceeds of crime and other confiscated assets in order to enhance the accountability of the process. The President assured Nigerians that his administration will continue to do its best to secure the nation, adding that the bills signed into law represent 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.
Chidozie Chima | September 20, 2024
