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Buhari wants Money Laundering Act amended

By Disun Amosun

President Muhammadu Bihari has requested the House of Representatives to reconsider the Money Laundering Prohibition Bill 2022 and Terrorism Prohibition Bill 2022 as measures to strengthen the fight against financial crimes in the country.

In a communication read by the Deputy Speaker of the House, Hon. Ahmed Idris-Wase who presided over plenary session Thursday, President Buhari said the two bills were to amend the deficiencies noted in the anti-money laundering bills to conform to best global practices.

“Unless these deficiencies are addressed promptly by the National Assembly in order to bring legal regime in conformity with the Financial Action Task Force recommendations, Nigeria will face the risk of negative public statement blacklisting the country by the Financial Action Task Force and this will lead to some negative consequences to our rapidly growing economy”, the communication read.

Recent evaluation by the Inter-Governmental Action Group Against Money Laundry in West Africa, pointed out deficiencies in the Nigerian Anti-Money Laundering Act by the inclusion of the financing of the terrorism regime into the Act.

The proposal by the Executive Arm was to amend the Anti Money Laundering Act by separating the Terrorism aspect from the Act.

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