Buhari signs anti-money laundering bills into law

President Muhammadu Buhari on Thursday Could 12, signed three payments geared toward bettering the nation’s anti-money laundering and counter-terrorist financing framework, into legislation. 

The payments which embrace the Cash Laundering (Prevention and Prohibition) Invoice, 2022; the Terrorism (Prevention and Prohibition) Invoice, 2022; and the Proceeds of Crime (Restoration and Administration) Invoice, 2022, had been signed into legislation by the President on the Council Chamber in Abuja.

President Buhari stated the payments are in line together with his administration’s dedication to combating corruption and illicit financing actions, in addition to crucial to the governance agenda and the event of Nigeria.

He stated; 

“The brand new legal guidelines have offered sufficient punitive measures and containment methods in opposition to abuses and compromises.

“We won’t relaxation till we rid the nation of the menace of cash laundering, terrorism, and different monetary crimes.

“The signing of those Payments into legislation right now strengthens the Anti-Cash Laundering/Combating the Financing of Terrorism (AML/CFT) framework within the Nation.

“It additionally addresses the deficiencies recognized in Nigeria’s 2nd spherical of Mutual Analysis as assessed by Inter-Governmental Motion Group In opposition to Cash Laundering in West Africa on compliance with the Monetary Motion Job Pressure world requirements.”