President Muhammadu Buhari on Wednesday introduced two bills to the National Assembly to strengthen the war against money laundering.
The bills were titled, “The Money Laundering (Prevention and Prohibition) Bill, 2016” and “The Mutual Legal Assistance in Criminal Matters Bill, 2016.”
The Senate President, Dr. Bukola Saraki, read the letter containing the bills at plenary on Wednesday while at the House of Representatives, the Speaker, Mr. Yakubu Dogara, read Buhari’s letter conveying the bills to members.
Buhari in the letter stated that the first bill sought to repeal the existing Money Laundering Act, which was enacted in 2011 to provide for stiffer penalty for money launderers to discourage the illegal act.
On the second bill, the President explained that its aim was to make provisions that would enable Nigeria to seek international assistance in recovering looted funds.
Part of the letter read, “This bill seeks to facilitate the provision and obtaining by Nigeria of international assistance in criminal matters, including the provision and obtaining of evidence and things, the making of arrangements for persons to give evidence or assist in criminal investigations, the recovery, forfeiture or confiscation of property in respect of offences…”
The Money Laundering Prevention and Prohibition Bill, he stated, “seeks to make comprehensive provisions to prohibit laundering and the criminal activities, expand the scope of money laundering offences.
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