SAN FRANCISCO, January 27, (THEWILL) – President Muhammadu Buhari has sent two bills, money laundering prevention and prohibition bill 2016 and the criminal matters bill 2016 to the national assembly for passage to boost the anti-corruption campaign.
This was revealed by Senate President, Bukola Saraki, as he read a letter, which contained the bills, addressed to the senate, on the floor of the upper legislative chamber on Wednesday.
The Senate had gone into a closed-session to further discuss the 2016 budget but it resumed plenary later before Saraki read the bill which provides adequate penalty for money laundering and increases the scope of anti-money laundering agencies.
The bill also seeks to get relevant international assistance in cases of money laundering and is expected to provide framework for other countries to assist in providing and obtaining evidence, and making of arrangements for persons to give evidence.
“This bill seeks to make comprehensive provisions to prohibit the laundering of the criminal activities, expand the scope of money laundering offences,” the letter read.
“It seeks to provide protection for employees of various institutions, bodies and professions who may discover money laundering; and to enhance customer due diligence.
“It provides appropriate penalties and expands the scope of supervisory bodies. It also recognizes the role of certain self-regulatory organisations to address the challenges faced in implementation of comprehensive anti-money regime.
“The bill also hopes to elicit international assistance in criminal investigations, recovery, forfeiture or confiscation of property in respect of offences.
“It also seeks assistance in the restraining of dealings in property or the freezing of assets that may be recovered, forfeited or confiscated in respect of offences; the execution of request for search and seizure, the location and identification of witnesses and suspects, the service of documents and other matters connected herewith.”
Story by David Oputah