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Buhari woos Senate on money laundering, terrorism bills

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President Muhammadu Buhari has transmitted bills seeking to prevent money laundering and terrorism to the Senate for consideration.

In a letter addressed to the lawmakers and read by the Senate president during plenary on Thursday, the president said the request for the passage of the bills was in line with the provisions of Section 58(2) of the 1999 Constitution of the Federal Republic of Nigeria (as amended).

He added that the errors noticed in the country’s Anti-Money Laundering/Combating the Financing of Terrorism regime, makes the passage of the bills essential, warning that a step away might lead to the blacklisting of the country by the Financial Action Task Force (FAFT).

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The letter read in part: “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 relevant stakeholders reviewed said deficiencies and drafted the Money Laundering (Prohibition) Bill, 2022 and 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 ( FAFT) recommendations, Nigeria will face the risk of a negative public statement blacklisting the country by FAFT and this will lead to some negative consequences go our rapidly growing economy.”

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