President Muhamadu Buhari has transmitted the Money Laundry and Terrorism Prevention Bills 2022 to the House of Representatives for consideration and passage into law.
Ahmed Idris-Wase, Deputy Speaker of the House read the cover letter for the two pieces of legislation at resumed plenary on Wednesday.
Buhari said the bills seek to address the deficiencies in the Nigeria’s anti-money laundry and terrorism laws to meet contemporary demands and global best practices.
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The letter read in parts: “Pursuant to section 58(2) of the 1999 Constitution of the Federal Republic of Nigeria, I forward therein, wit money laundry bill and terrorism prevention bill 2022 for the kind consideration of the House of Representatives.
“During the recent mutual evaluation carried out by the inter-governmental action group against money laundry in West Africa, there were observed deficiency in the Nigeria’s anti-money laundry; combating (terrorism). Following the review, the Ministry of Justice and relevant stakeholders reviewed the said deficiencies and drafted the money laundry bill 2022 and terrorism bill 2022.
“Unless these deficiencies are addressed promptly by the National Assembly in order to bring the legal regime in conformity with the United Action Task Force recommendation, Nigeria will face the risk of negative public statement; blacklisting the country by financial action task force, and this will lead to some negative consequences to our rapidly growing economy.
“In the light of the above, the Federal Ministry of justice reviewed the money laundry bill and terrorism prevention bill currently pending before the National Assembly and have come up with versions of the bills, incorporating the deficiencies by the mutual evaluation report.”
