Buhari signs anti-money laundering, counter-terrorism, crime proceeds bills

Three bills – 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 have been signed into law by President Muhammadu Buhari.

On Thursday, according to a statement, signed by the Special Adviser to the President on Media and Publicity, Femi Adesina, the pieces of legislation are meant to improve the anti-money laundering and counter-terrorist financing/proliferation financing framework in the country.

The statement was titled, ‘In the renewed fight against money laundering, terrorism and other financial crimes, President Buhari signs three bills into law.’

Speaking at a signing ceremony at the Council Chamber, State House, the President described the bills as being in tandem with his regime’s commitment to fighting corruption and illicit financing activities, as well as critical to the governance agenda and the development of Nigeria.

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

“The signing of these bills into law today not only strengthens the Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) framework in the country but addresses the deficiencies identified in Nigeria’s 2nd round of Mutual Evaluation as assessed by Inter-Governmental Action Group Against Money Laundering in West Africa on compliance with the Financial Action Task Force global standards.