News
CBN rejects Senate move to repeal law on money laundering
The Central Bank of Nigeria on Thursday rejected the plan by the Senate to enact new anti-money laundering law in the country.
The CBN Governor, Godwin Emefiele, stated this during a public hearing on three bills organised by Senate Joint Committees on Anti- Corruption and Financial Crimes, Judiciary, Human Rights and Legal Matters as well as Ethics, Privileges and Public Petitions in Abuja.
The public hearing was organised by the upper legislative chamber to update Nigerians on the Money Laundering (Prevention and Prohibition) Bill, 2021, Public Complaints Commission (Repeal and Re-enactment) Bill, 2022 and Proceeds of Crimes (Recovery and Management)Bill 2021.
Emefiele, who was represented at the forum by a Director in the CBN, Mr. Chibuzor Efobi, said an amendment of the existing Money Laundering (Prevention) Act 2011 would better serve the interest of Nigeria than a repeal and re-enactment of the law.
He said: “Where the existing Money Laundering (Prevention) Act 2011 is repealed and re-enacted, there would be new legal foundations which have not been assessed.
READ ALSO: CBN warns banks on money laundering
“There will be a risk that the international assessment identifies new gaps which would lead to rating downgrades.
“Consequently, the CBN is opposed to the passage of the proposed bills for the repeal and re-enactment of the existing Money Laundering (Prevention) Act 2011.”
On his part, Secretary of the Economic and Financial Crimes Commission (EFCC), Mr. George Ekpungu, said the anti-graft agency was opposed to the proposed commission for management of proceeds of crimes.
He said the bill would amount to duplication of functions between the proposed commission and EFCC.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: In Kwara, multimillion-naira milk processing plant is abandoned, converted to a chicken outlet
After the government spent millions of naira to establish a milk processing plant in Kwara State that would provided jobs...
SPECIAL REPORT: For Sokoto communities, promise of healthcare is akin to death sentence
In this story, ABDULRASHEED HAMMAD delves into the dire realities of Primary Health Care services in Sokoto State, shedding light...
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...
SPECIAL REPORT: Torturous experiences of students with disabilities in Oyo tertiary institutions
For students with disabilities in Oyo state-owned tertiary institutions, learning is a torturous and distressing experience, considering the building structures...