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Buhari signs anti-money laundering bills into law

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President Muhammadu Buhari on Thursday May 12, signed three bills aimed at improving the country’s anti-money laundering and counter-terrorist financing framework, into law. 

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The bills which include 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, were signed into law by the President at the Council Chamber in Abuja.

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President Buhari said the bills are in line with his administration’s commitment to fighting corruption and illicit financing activities, as well as critical to the governance agenda and the development of Nigeria.

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He said; 

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

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

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“The signing of these Bills into law today strengthens the Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) framework in the Country.

“It also 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.”

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