President Muhammadu Buhari, on Wednesday, forwarded to the senate, two new bills meant to effectively tackle the menace of money laundering in the country.
The first bill is titled, ” Money Laundering Prevention and Prohibition Bill 2016″ while the second one is “Mutual Legal Assistance in Criminal Matters Bill 2016.”
The president’s request was contained in the letter he addressed to the Senate President, Bukola Saraki, and read during plenary.
Buhari said that the proposed bill provides for the repeal of the Money Laundering Prohibition Act 2011, as amended in 2012.
He added that the proposed money laundering bill also seeks to provide adequate penalty for money laundering activities as well as increasing the scope of anti-money laundering agencies.
The letter read, “This (Money Laundering Prevention and Prohibition) Bill seeks to make comprehensive provisions to prohibit the laundering of the criminal activities, expand the scope of money laundering offences.
“It seeks to provide protection for employees of various institutions, bodies and professions who may discover money laundering, enhance customer due diligence.
“It provides appropriate penalties and expand the scope of supervisory bodies. It also recognizes the role of certain self-regulatory organisations to address the challenges faced in implementation of comprehensive anti-money regime”.
He also said that, the Mutual Legal Assistance in Criminal Matters Bill 2016 seeks to get relevant international assistance in cases of money laundering.
According to Buhari, the Bill is expected to provide framework for other countries to assist in provision and obtaining of evidence, making of arrangements for persons to give evidence.
The bill, he added, also seeks to get international assistance in criminal investigations, recovery, forfeiture or confiscation of property in respect of offences.
He said the proposed law also sought assistance in “the restraining of dealings in property or the freezing of assets that may be recovered, forfeited or confiscated in respect of offences”
Other issues that the proposed law will address according to Buhari are, 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.
Buhari recently visited the United Arab Emirate, where he signed an agreement with the government of the Emirate on repatriation of the nation’s stolen funds.
The agreement, Mutual Legal Assistance on Criminal and Commercial Matters, is expected to also allow the UAE government return monies hidden or invested in banks and real estates in the country to Nigeria.
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