From Cross Udo, Abuja
President Muhammadu Buhari yesterday in Abuja 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.

Speaking at a signing ceremony at the Council Chamber, State House, the President described the bills as being in tandem with this 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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President Buhari in a statement issued by his Special Adviser on Media and Publicity, Chief Femi Adesina was quoted as saying, “The new laws have provided enough punitive measures and containment strategies against abuses and compromises,” he said, noting that the inadequacy of all the repealed Acts had impacted legal actions against offender.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.

President Buhari commended the National Assembly for their tenacity, courage, and commitment to ensuring that Nigeria has put in place effective measures to address the menace of money laundering, terrorism, and terrorism financing.

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The President noted that the 9th National Assembly has proven to be patriotic, responsive, resourceful, and industrious in its legislative assignments, recalling that on 14th January 2022, he had sought expeditious passage of the said Bills.
He lauded the Assembly under Senate President Ahmed Lawan and the Speaker, Femi Gbajabiamila, and their colleagues for responding to his request, saying they “have certainly carved out a worthy legacy for themselves.”

He commended the members of the National Action Task Force comprising several Ministries, Departments, and Agencies of Government, noting that the bills are a clear demonstration of government functioning at its best with coordination, collaboration, and execution all towards a common goal.

The President assured Nigerians that his administration will continue to do its best to secure the nation, adding that the bills signed into law represent not just legislative instruments but very significant governmental actions projecting courage, determination, and sincerity in tackling the menace of Money laundering, terrorism, and other financial crimes.