President Muhammadu Buhari has sought quick passage of the Money Laundering Bill and Terrorism Prevention Bill for Nigeria to avoid blacklisting on the global financial sector.

Mr Buhari sent the bills to the parliament on Thursday. Senate President Ahmad Lawan read the president’s accompanying letter.

The letter reads in parts: “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). 

“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, 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.

“This will lead to some negative consequences to our rapidly growing economy.”

Mr Buhari, in the  letter dated April,12, noted that the request for the passage of both bills was in pursuant to the provisions of Section 58(2) of the 1999 Constitution as amended. 

(NAN)