The Senate has received President Muhammadu Buhari’s Money Laundering Bill and Terrorism Prevention Bill for consideration and passage.
The proposals were accompanied by a letter read out loud in plenary by Senate President Ahmad Lawan on Thursday.
Buhari stated in the letter dated April 12 that the request for the approval of both bills was made in accordance with Section 58(2) of the 1999 Constitution as amended.
He said that the deficiencies in the country’s Anti-Money Laundering/Combating the Financing of Terrorism system (AML/CFT) made the adoption of both bills mandatory.
Buhari cautioned that failure to pass both bills posed a danger of Nigeria being blacklisted by the Financial Action Task Force (FATF).
“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,” Buhari said in the letter.
“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)”
“Following the evaluation, the Ministry of Justice and other relevant stakeholders reviewed the deficiencies and drafted the Money Laundering (Prohibition) Bill, 2022, and the Terrorism (Prevention) Bill, 2022.”
“Unless these 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 faces a negative public statement blacklisting the nation by FATF.”
“This will lead to some negative consequences to our rapidly growing economy.”
“In light of the above, the Federal Ministry of Justice reviewed the Money Laundering Act.”
Laundering (Prohibition) Bill and Terrorism (Prevention) Bill 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 recommendations.”
