RELEASE FROM THE STATE HOUSE PRESS
PRESIDENT BUHARI SIGNES THREE BILLS INTO LAW TO FIGHT MONEY LAUNDERING, TERRORISM, AND OTHER FINANCIAL CRIMES.
Three bills aimed at improving Nigeria’s anti-money laundering and counter-terrorism/proliferation financing framework were signed into law by President Muhammadu Buhari on Thursday in Abuja.
The bills are titled Money Laundering (Prevention and Prohibition) Bill, Terrorism (Prevention and Prohibition) Bill, and Proceeds of Crime (Recovery and Management) Bill, 2022.
The President, speaking at a signing ceremony in the Council Chamber of the State House, described the bills as being in line with this administration’s commitment to combat corruption and illicit financing, as well as critical to Nigeria’s governance agenda and development.
“The new laws have provided sufficient punitive measures and containment strategies against abuses and compromises,” he said, noting that the inadequacy of all repealed Acts had affected legal actions against offenders.
“We will not rest until the nation is free of the threat of money laundering, terrorism, and other financial crimes,” he added.
President Buhari praised the National Assembly for its tenacity, courage, and commitment to ensuring that Nigeria has effective measures in place to combat the threat of money laundering, terrorism, and terrorism financing.
The President noted that the 9th National Assembly has proven to be patriotic, responsive, resourceful, and industrious in its legislative assignments, recalling that he had sought expeditious passage of the aforementioned Bills on January 14, 2022.
He praised the Assembly and its leaders, including Senate President Ahmed Lawan and Speaker Femi Gbajabiamila, for responding to his request, saying they “have certainly carved out a worthy legacy for themselves.””
Regarding the significance of the legislations, the President stated:
“The signing of these Bills into law today not only strengthens the country’s Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) framework, but also addresses deficiencies identified in Nigeria’s second round of Mutual Evaluation on compliance with the Financial Action Task Force global standards, as assessed by the Inter-Governmental Action Group Against Money Laundering in West Africa.
“As a result, the repeal of the Money Laundering (Prohibition) Act, 2011, as amended, and the enactment of the Money Laundering (Prevention and Prohibition) Act, 2022 provide a comprehensive legal and institutional framework for the prevention and prohibition of money laundering in Nigeria, and confers the legal status of the Special Control Unit Against Money Laundering on the Economic and Financial Crimes Commission.
“The repeal of the Terrorism (Prevention) Act, 2011, as amended in 2013, and the enactment of the Terrorism Prevention and Prohibition) Act, 2022, ensures the effective implementation of international instruments on the prevention and combating of terrorism, as well as the suppression of terrorism financing.
President Buhari told the Senate President and other Senators, the Minister of Justice and Attorney-General of the Federation, Abubakar Malami, and the heads of anti-corruption agencies, including the ICPC and EFCC, that the executive arm of government “carefully avoided creating another asset recovery and management agency with its cost implications in deference to government’s sensitivity to the rising cost of governance.”
He explained that the new law requires the establishment of dedicated accounts for the proceeds of crime and other confiscated assets in order to improve the process’s accountability:
“As a result, I have taken note of the Act’s emphasis on collaboration, synergy, and unification of strategies and measures to combat the scourge of money laundering, terrorism financing, and proliferation financing.”
“The primary goals of these measures are to provide an effective, unified, and comprehensive legal, regulatory, and institutional framework for the Acts’ implementation.”
“This is profound, and it necessitates coordinated responses to the threat’s challenges.” As a result, I have charged all relevant agencies with ensuring the effective implementation of these new laws.
“The strong frameworks meticulously enshrined in the Acts can only serve useful purposes if they are all enforced.”
The President stated that the fight against corruption requires a “All of Government, All of Nation approach,” and that every Nigerian has a role to play in ridding the country of corrupt practices.
He praised the members of the National Action Task Force, which included several Ministries, Departments, and Agencies of Government, noting that the bills are a clear demonstration of government at its best, with coordination, collaboration, and execution all working toward a common goal.
The President assured Nigerians that his administration will continue to do everything possible to secure the country, adding that the bills signed into law represent not just legislative instruments, but also very significant governmental actions demonstrating courage, determination, and sincerity in combating the threat of money laundering, terrorism, and other financial crimes.
May 12, 2022
Femi Adesina
Special Adviser to the President (Media & Publicity)
