Politics
EFCC kicks over new Money Laundering Bill
The Economic and Financial Crimes Commission (EFCC) has raised objections to the new Money Laundering (Prevention and Prohibition) Bill 2016, Ripples has learnt.
According to informed sources, the anti-graft agency rejected the bill because it reckons that it may prejudice President Muhammadu Buhari’s anti-corruption agenda.
The EFCC, which made its stand known in a position paper presented to the National Assembly, spotted 12 gaps which might impede the anti-corruption agenda of the Federal Government.
It said passing the bill into law at this time will affect Nigeria’s application for the membership of the Financial Action Task Force (FATF).
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It raised the alarm that the bill seeks to divest EFCC of powers to probe offences bordering on economic and financial crimes.
The anti-graft agency said the new law has given the Attorney-General of the Federation some discretion which may be abused if any AGF is not well-intentioned.
It also faulted plans to establish a separate Bureau for Money Laundering Control (BMLC) for a service which is already being rendered efficiently by the Special Control Unit against Money Laundering (SCUML).
Ripples gathered that a copy of the report was presented to the House Committee on Economic and Financial Crimes in Abuja behind closed doors.
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