President Muhammadu Buhari has signed three significant bills into law on Thursday, May 12. These bills are focused on enhancing Nigeria’s framework for combating money laundering and terrorist financing.
The bills in question encompass the Money Laundering (Prevention and Prohibition) Bill, 2022; the Terrorism (Prevention and Prohibition) Bill, 2022; and the Proceeds of Crime (Recovery and Management) Bill, 2022. President Buhari carried out the signing at the Council Chamber in Abuja.
President Buhari highlighted the significance of these bills in alignment with his administration’s dedication to combating corruption and illicit financial activities. He emphasized the critical role they play in Nigeria’s governance agenda and overall development.
He emphasized, saying;
“The newly enacted laws have established stringent punitive measures and containment strategies to address abuses and compromises.
“We are committed to eradicating the scourge of money laundering, terrorism, and other financial crimes from our nation.
“The enactment of these bills into law today reinforces the Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) framework in the country.
“It also rectifies the deficiencies identified in Nigeria’s 2nd round of Mutual Evaluation as evaluated by the Inter-Governmental Action Group Against Money Laundering in West Africa concerning compliance with the global standards set by the Financial Action Task Force.”