On Thursday, May 12, President Muhammadu Buhari signed into law three bills aimed at strengthening the country’s anti-money laundering and counter-terrorist funding framework.
In Abuja’s Council Chamber, the President signed into law the Money Laundering (Prevention and Prohibition) Bill, 2022, the Terrorism (Prevention and Prohibition) Bill, 2022, and the Proceeds of Crime (Recovery and Management) Bill, 2022.
President Buhari stated that the bills are in accordance with his administration’s commitment to combating corruption and illicit finance, and are essential to Nigeria’s development and governance agenda.
“The new laws have provided enough punitive measures and containment strategies against abuses and compromises. “We will not rest until we rid the nation of the menace of money laundering, terrorism, and other financial crimes. “The signing of these Bills into law today strengthens the Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) framework in the Country. “It also addresses the deficiencies identified in Nigeria’s 2nd round of Mutual Evaluation as assessed by Inter-Governmental Action Group Against Money Laundering in West Africa on compliance with the Financial Action Task Force global standards.”