NIGERIA: PRESIDENT BUHARI PRESENTED A BILL TO N/A FOR STIFFER WAR AGAINST MONEY LAUNDERING
President
Muhammadu Buhari on Wednesday introduced two bills to the National Assembly to
strengthen the war against money laundering.
The
bills were titled, “The Money Laundering (Prevention and Prohibition) Bill,
2016” and “The Mutual Legal Assistance in Criminal Matters Bill, 2016.”
The
Senate President, Dr. Bukola Saraki, read the letter containing the bills at
plenary on Wednesday while at the House of Representatives, the Speaker, Mr.
Yakubu Dogara, read Buhari’s letter conveying the bills to members.
Buhari
in the letter stated that the first bill sought to repeal the existing Money
Laundering Act, which was enacted in 2011 to provide for stiffer penalty for
money launderers to discourage the illegal act.
On the
second bill, the President explained that its aim was to make provisions that
would enable Nigeria to seek international assistance in recovering looted
funds.
Part of
the letter read, “This bill seeks to facilitate the provision and obtaining by
Nigeria of international assistance in criminal matters, including the
provision and obtaining of evidence and things, the making of arrangements for
persons to give evidence or assist in criminal investigations, the recovery,
forfeiture or confiscation of property in respect of offences…”
The
Money Laundering Prevention and Prohibition Bill, he stated, “seeks to make
comprehensive provisions to prohibit laundering and the criminal activities,
expand the scope of money laundering offences.
“It
seeks to provide protection for employees of various institutions, bodies and
professions who may discover money laundering and enhance customer due
diligence.
“It
provides appropriate penalties and expand the scope of supervisory bodies. It
also recognises the role of certain self-regulatory organisations to address
the challenges faced in the implementation of comprehensive anti-money regime.”
Other
issues that the proposed law will address, according to Buhari, are, “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.”
According
to Buhari, the Bill is expected to provide the framework for other countries to
assist in provision and obtaining of evidence, making of arrangements for
persons to give evidence.
The
biIl, he added, also “seeks to get international assistance in criminal
investigations, recovery, forfeiture or confiscation of property in respect of
offences.”
He said
the proposed law also sought assistance in “the restraining of dealings in
property or the freezing of assets that may be recovered, forfeited or
confiscated in respect of offences.”
Meanwhile,
the House of Representatives has advised the Nigerian Electricity Regulatory
Commission to put its planned February 3 hike in electricity tariff on hold.
The
House of Representatives ad hoc committee investigating over-billing and other
activities of distribution companies arrived at the decision after a joint
meeting with NERC and the Nigeria Electricity Consumers Advocacy Network.
A
statement on Wednesday by the Chairman of the committee, Mr. Jimi Benson, on
the outcome of the meeting, noted that while NERC and the Discos supported
tariff hike, NECAN opposed it.
However,
he said the parties later reached a common ground.
John Ameh
and Sunday Aborisade,
Comments
Post a Comment