He explained that the United Nations Office for Drug Control and Crime Prevention (UN-ODCCP) (1999) describes money laundering as the concealment or disguising of the true nature, source, location, disposition, movement rights with respect to or ownership of property, knowing that such property is derived from an offence. Senators normally forgo the reading out loud of the entire bill, but Johnson said he would. Thereafter, Senate President Ahmad Lawan referred to the Money Laundering (Prevention and Prohibition) Bill, 2021, and Money Laundering (Prevention and Prohibition) (Repeal & Re-enactment) Bill, 2021, to the Senate Committee on Anti-Corruption and Financial Crimes for further legislative work. Ron Johnson's threat to force a reading of the entire bill could delay the process even further. “There is no doubt that billions of dollars and pounds have been siphoned from our system to foreign nations, especially by those who have held political offices in the past.” Read also: Bill seeking inclusion of Anambra, Lagos, others in NDDC scales second reading in Senate Supporting the Bill, Smart Adeyemi (Kogi West), said: “There is no doubt that this government, more than any other government in the history of our country, has taken the crusade against money laundering and corruption as a task that must be achieved. The Bill took into cognisance emerging trends in money laundering as an offence, which included investment or funds transfer made or obtained fraudulently into legitimate businesses to make the illicit funds difficult to trace, the lawmaker explained.
In his submission, Umar explained that the proposed law sought to repeal the extant Act and enact the Money Laundering (Prevention and Prohibition) Act, 2021.Īccording to him, this was necessary to provide a more comprehensive legal and institutional framework for the prevention and prohibition of money laundering in Nigeria. After which, it will be signed by the Speaker of the House and the. The Bills, titled: “Money Laundering (Prevention and Prohibition) Bill, 2021,” and “Money Laundering (Prevention and Prohibition) (Repeal & Re-enactment) Bill, 2021” were sponsored by Senators Suleiman Umar (Kwara North) and Suleiman Abdu Kwari (Kaduna North). After both houses have given final approval to a bill, a final copy of the bill, known as the enrolled bill, shall be printed, and certified as correct by the Secretary of the Senate and the Secretary General of the House of Representatives. Ripples Nigeria gathered that these bills, which sought to provide a framework for the prosecution of public servants with unexplained sources of wealth, eventually scaled the second reading at the plenary.
The Senate on Wednesday analysed two bills that seek to facilitate the swift prosecution of money launderers and terrorist financiers in the country.
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