President Muhammadu Buhari has signed three bills into law, which seek to improve Nigeria’s anti-money laundering and counter-terrorist financing framework.
Buhari assented to bills at the Council Chamber in Abuja.
The bills include 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.
The President made it known that the bills were in tandem with his administration’s commitment to fighting corruption and illicit financing activities, which is critical to the governance agenda and the development of Nigeria.
According to him, the new laws have provided enough punitive measures and containment strategies against abuses and compromises.
President Buhari said the repeal of the Money Laundering (Prohibition) Act, 2011 as amended and the enactment of the Money Laundering (Prevention and Prohibition) Act, 2022 provided a comprehensive legal and institutional framework for the prevention and prohibition of money laundering in Nigeria.
He added that it also confers the Economic and Financial Crimes Commission (EFCC), the legal status of the special control unit against money laundering.
The laws provide for the effective implementation of international instruments for the prevention and combating of terrorism and suppression of the financing of terrorism.
Buhari said the fight against corruption required an “all of government, all of the nation approach’’, stressing that every Nigerian had a role to play to rid the country of corrupt practices.
“We will not rest until we rid the nation of the menace of money laundering, terrorism, and other financial crimes”, he said.
The President therefore, charged all relevant agencies to ensure effective implementation of these new laws.