Benin City – The Senate has received the Money Laundering Bill as well as the Terrorism Prevention Bill transmitted by President Muhammadu Buhari for expeditious consideration and passage.
The bills was accompanied with a letter read at the commencement of plenary by the President of the Senate, Ahmad Lawan.
President Buhari, in a letter dated 12th April, 2022, said the request for the passage of both bills was pursuant to the provisions of Section 58(2) of the 1999 Constitution as amended.
He explained that the deficiencies in the country’s Anti-Money Laundering/Combating the Financing of Terrorism regime (AML/CFT), makes it imperative for the passage of both bills.
Buhari warned that the non-passage of both bills poses a risk that may lead to the eventual blacklisting of Nigeria by the Financial Action Task Force (FATF).
President Buhari further explained that during the recent Mutual Evaluation carried out by the Inter-Governmental Action Group against Money Laundering in West Africa (GABA) there were observed deficiencies in Nigeria’s Anti-Money Laundering/Combating the Financing of Terrorism regime (AML/CFT).
