In his quest for more potent laws against money laundering and to rev up the fight against corruption, President Muhammadu Buhari yesterday presented two bills before the Senate for amendment.
They are the Money Laundering Prevention and Prohibition Bill 2016 and the Mutual Legal Assistance in Criminal Matters Bill 2016.
The president, in a letter to the Senate president, Bukola Saraki, which was read on the floor of the Senate, sought expeditious consideration of the two bills for more potent war against financial crimes in the country.
The Money Laundering Prevention and Prohibition Bill 2016, if passed into law, would expand the scope of money laundering offenses, provide protection for employees of various institutions as well as bodies who may discover money laundering, and the establishment of mutual legal assistance in criminal matters.
The bill also seeks to enhance customer due diligence, provide appropriate penalties and expand the scope of supervisory bodies, while recognising the role of certain self-regulatory organisations to address the challenges faced in implementation of comprehensive anti-money regime.
The second bill, Mutual Legal Assistance in Criminal Matters Bill 2016, on the other hand, seeks to facilitate the provision and obtaining by Nigeria of international assistance in criminal matters, including the provision and obtaining of evidence.
The Bill also seeks the making of arrangements for persons to give evidence or assist in criminal investigations; recovery, forfeiture or confiscation of property in respect of offences; the restraining of dealings in property or the freezing of assets that may be recovered.
It also seeks the forfeiting, or confiscation in respect of offences, the execution of request for search and seizure, the location and identification of witnesses and suspects, the service of documents and other matters connected with it.
In the letter addressed to the president of the Senate, President Buhari urged the Senate to ensure quick passage of the two bills.
The letter reads in part: “Money Laundering Prevention and Prohibition Bill 2016: This bill provides for the repeal of the Money Laundering Prohibition Act 2011, as amended in 2012, to make comprehensive provisions to prohibit the laundering of the criminal activities, expand the scope of money laundering offences, provide protection for employees of various institutions, bodies and professions who may discover money laundering, enhance customer due diligence, provide appropriate penalties and expand the scope of supervisory bodies, while recognising the role of certain self-regulatory organisations to address the challenges faced in implementation of comprehensive anti-money regime”.
The president continued: “The Mutual Legal Assistance in Criminal Matters Bill 2016. This bill seeks to facilitate the provision and obtaining by Nigeria of international assistance in criminal matters, including the provision and obtaining of evidence, the making of arrangements for persons to give evidence or assist in criminal investigations, recovery, forfeiture or confiscation of property in respect of offences; the restraining of dealings in property or the freezing of assets that may be recovered, forfeited or confiscated in respect of offences; 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.
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