Senate passes Money Laundering Act Amendment Bill
The Senate on Wednesday passed the Money Laundering Act, 2011, Amendment Bill.
The passage of the bill tagged “Money Laundering (Prevention and Prohibition) Act 2022” followed the consideration of the report of the Senate Committee on Anti-Corruption and Financial Crimes at the plenary.
Presenting the report, Senator Suleiman Kwari, the chairman of the committee, said that the bill sought to amend the institutional and legal framework.
“The amendment will provide for an effective and comprehensive legal framework to reinvigorate the fight against money laundering in the country by placing emphasis on prevention as a useful tool to strengthen the existing legal regime in combating money laundering and other related crimes in the country,” he said.
He said that the bill provided appropriate penalties and expanded the scope of supervisory bodies to effectively address the challenges faced in the implementation of anti-money laundering laws in Nigeria.
Mr Kwari said that the bill provided protection for employees of various anti-graft institutions and approved the establishment of the Special Control Unit Against Money Laundering under the Economic and Financial Crimes Commission.
He said that the unit, when established, would be charged with the effective implementation of the money laundering laws concerning designated Non-Financial Businesses and or Professions in Nigeria.
The upper chamber passed the bill after consideration by the committee of the Whole.
(NAN)
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