Buhari signs 3 anti-money laundering bills into law

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President Muhammadu Buhari has signed into law, three bills aimed at improving the anti-money laundering and counter terrorist financing/proliferation financing framework in Nigeria.

The bills are 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.

Buhari said while signing the laws at the Council Chamber, State House, Abuja, on Thursday, that the bills were in tandem with this administration’s commitment to fight corruption and illicit financing activities, as well as critical to the governance agenda and the development of Nigeria.

“The new laws have provided enough punitive measures and containment strategies against abuses and compromises,” he said.

He noted that the inadequacy of all the repealed Acts had impacted legal actions against offender.

“We will not rest until we rid the nation of the menace of money laundering, terrorism, and other financial crimes,” he added.