Buhari wants Money Laundering Act strengthened

In from Ali Smart . . .

President Muhammadu Buhari on Wednesday wrote to the Senate seeking the repeal and reenactment of the Money Laundering Prohibition Act.

In the letter entitled: ‘The Money Laundering Prevention and Prohibition Bill 2016 and the Mutual Legal Assistance in Criminal Matters Bill 2016’, said the bill provides for the repeal of the Money Laundering Prohibition Act 2011, as amended in 2012, to make comprehensive provisions to prohibit the laundering of the criminal activities, expand the scope of money laundering offences, provide protection for employees of various institutions, bodies and professions who may discover money laundering, enhance customer due diligence, provide appropriate penalties and expand the scope of supervisory bodies, while recognising the role of certain self-regulatory organisations to address the challenges faced in implementation of comprehensive anti-money laundering regime.

The letter reads in part: “I hereby introduce for formal consideration and enactment into law, by the distinguished Senators of the Federal Republic of Nigeria, the Money Laundering Prevention and Prohibition Bill 2016 and the Mutual Legal Assistance in Criminal Matters Bill 2016.

“This bill provides for the repeal of the Money Laundering Prohibition Act 2011, as amended in 2012, to make comprehensive provisions to prohibit the laundering of the criminal activities, expand the scope of money laundering offences, provide protection for employees of various institutions, bodies and professions who may discover money laundering, enhance customer due diligence, provide appropriate penalties and expand the scope of supervisory bodies, while recognising the role of certain self-regulatory organisations to address the challenges faced in implementation of comprehensive anti-money laundering regime.

“This bill seeks to facilitate the provision and obtaining by Nigeria of international assistance in criminal matters including the provision and obtaining of evidence, the making of arrangements for persons to give evidence or assist in criminal investigations, recovery, forfeiture or confiscation of property in respect of offences; the restraining of dealings in property or the freezing of assets that may be recovered, forfeited or confiscated in respect of offences; the execution of request for search and seizure, the location and identification of witnesses and suspects, the service of documents and other matters connected herewith.

“While I hope that the bills receive the usual expeditious attention of the distinguished Senators, please accept distinguished Senate President, the assurances of my highest consideration.

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