Buhari seeks passage of Money Laundering, Terrorism Prevention Bills | MyLatestGist.com
Politics

Buhari seeks passage of Money Laundering, Terrorism Prevention Bills

Spread the love

The Senate has received the Money Laundering and Terrorism Prevention Bills transmitted by President Muhammadu Buhari for expeditious consideration and passage.

100% Natural Herbs to Finally End Premature Ejaculation, Weak Erection and Small Manhood. >>>Click Here for Details<<<

The bills were accompanied by a letter read at the start of the plenary on Thursday by the Senate President, Ahamad 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.

ALSO READ:  See What This Nollywood Actor Said About Tinubu's Presidential Aspiration

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).

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.

“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).

ALSO READ:  Peter Obi Sends Strong Message To The FG Over Huge Fund Allocated To Aisha Buhari's Office

“Following the evaluation, the Ministry of Justice and other relevant stakeholders reviewed said deficiencies and drafted the Money Laundering (Prohibition) Bill, 2022 and Terrorism (Prevention) Bill, 2022.

“Unless these deficiencies are addressed promptly by the National Assembly, in order to bring our legal regime in conformity with Financial Action Task Force (FATF) recommendations, Nigeria will face the risk of a negative public statement blacklisting the country by FATF and this will lead to some negative consequences to our rapidly growing economy.

ALSO READ:  Babajide Reacts After Doctors Dared FG Over No-Work No-Pay Threats

“In light of the above, the Federal Ministry of Justice reviewed the Money Laundering (Prohibition) Bill and Terrorism (Prevention) Bill currently pending before the National Assembly and have come up with revised versions of the Bills, incorporating the resolutions to the deficiencies pointed out in the Mutual Evaluation Report, thereby bringing Nigeria’s AML/CFT legal regime in conformity with the FATF recommendations.”

Click To Read Full Articles

Related Articles

Leave a Reply

Back to top button