The Senate has received President Muhammadu Buhari‘s Money Laundering and Terrorism Prevention Bill for quick consideration and passage.

The proposals were accompanied by a letter from Senate President Ahmad Lawan, which was read at the commencement of the plenary on Thursday, 14th April, 2022.

President Muhammadu Buhari.

In a letter dated April 12, 2022, Buhari stated that the request for the passage of both laws was made in accordance with Section 58(2) of the 1999 Constitution, as amended.

He said that the passage of both acts is critical due to flaws in the country’s anti-money laundering/counter-terrorism financing regime.

Buhari warned that failure to pass both bills could result in Nigeria being placed on the Financial Action Task Force’s blacklist.

The letter reads, “Pursuant to Section 58(2) of the 1999 Constitution of the Federal Republic of Nigeria (as amended), I forward herewith, the Money Laundering (Prohibition) Bill, 2022 and Terrorism (Prevention) Bill, 2022 for the kind consideration of the Senate.

Nigeria’s Anti-Money Laundering/Combating the Financing of Terrorism regime was found to have flaws during a recent Mutual Evaluation conducted by the Inter-Governmental Action Group against Money Laundering in West Africa.

Story: Ralia Adama