However, another hope to tackle money laun­dering cases in Nigeria has been rekindled by President Buhari, who recently sent the “Money Laundering (Prevention and Prohibi­tion) bill 2016” to the National Assembly for con­sideration. [b]In analysis, the bill seeks to establish Bureau for Money Laundering Control (BMLC), which would be independent in the discharge of its functions and responsibilities. According to the “Money Laundering (Prevention and Prohibition) bill 2016”, any perpetrator of the crime is defined as “a person who knows, ought reasonably to have known or suspects that property has a criminal origin, commits an offence, if he conceals, dis­guises, converts, transfers or removes the property from Nigeria. The bill prescribes stiff penalty for anybody found culpable of the offence and upon conviction shall be in imprisonment for a term of not less than seven years without the option of a fine. Under the “Money Laundering (Prevention and Prohibition) bill 2016”, any bank that is found guilty of money laundering would be liable for the fine of not less than N25 million and a designated non-financial business and profession would get a fine of not less that N10 Million if found guilty of the offence. The proposed bill also stipulates three years imprisonment or above for anybody that fails to report persons involved in the illicit act.[/b]

It is self-evident that Buhari’s anti-money laun­dering bill is in tandem with the urgent necessity to establish a formidable financial intelligence body to combat money laundering, terrorist financing activities and other predicate offences in Nige­ria. Such a body — as required under the Money Laundering (Prohibition) Act 2012 (as amended), the Terrorism (Prevention) Act 2013 (as amended) or any other relevant law or regulation — would have mechanisms for sound policy and decision – making requiring adequate, quality and timely information analysis necessary for tracking and choking off the flow of proceeds from illicit activi­ties that could impact negatively on our economy and national security in a more deeply or rapidly way.

Culled from:


http://sunnewsonline.com/new/buharis-anti-money-laundering-bill/

It's a good one

I hope the house will pass this on time.

Flexherbal:
I hope the house will pass this on time.

I am waiting to see how long it will take them to pass the bill.
Nigeria has over $600 billion stashed overseas by her corrupt businessmen and politicians .

Flexherbal:
I hope the house will pass this on time.

I can bet you that they'll water it down before passage; if they'll even pass it

This is an opportunity for the Senate and HOR to step up and enshrine this bill into law

Regardless of your political affiliation, it is glaring that corruption is slowly eating up the country alive

This is a good bill that will provide institutional reforms in the country's public sector and also led to overall change

Buu-buu's face though...

kITATITA:


I can bet you that they'll water it down before passage; if they'll even pass it

trust the NASS at your peril.

AngryNigerian:
Buu-buu's face though...

I just de look you.

Topeakintola:
This is an opportunity for the Senate and HOR to step up and enshrine this bill into law

Regardless of your political affiliation, it is glaring that corruption is slowly eating up the country alive

This is a good bill that will provide institutional reforms in the country's public sector and also led to overall change

one carton of indomie for you!

oduastates:


I am waiting to see how long it will take them to pass the bill.
Nigeria has over $600 billion stashed overseas by her corrupt businessmen and politicians .

imagine this amount of money will be enough for our budget from 2016-2032.
.
i knw that our yam eating senators will frustrate the bill. because all of them have been involved in money laundry previously, its quite unfortunate that the senate house have turned to a pension ground for former governors that have corruption cases on their neck and still have the audacity to make law for the innocent masses,
even the senate president that is presiding over the bill is facing corruption and falsification of assets charges so i wonder who will support the bill.
but i believe that buhari has good intentions for nigerians.
sai BUHARI
SAI CHANGE
#bringBackOurYam

oduastates:


I am waiting to see how long it will take them to pass the bill.
Nigeria has over $600 billion stashed overseas by her corrupt businessmen and politicians .

Where are those anti-corruption crusaders like mynd44 and lalasticlala?

Caseless:
one carton of indomie for you!

Thank you bro

It is what we need right now

Lalasticlala abeg do the needful

Another common sense thread

The recommended punitive reprimand for flouting this law, if it sees the light of day, is grossly insufficient for me as a deterrent. The jail time for the offender is short and the minimum fine for the financial institutions involved is too small.

We need a lot more drastic means if we want to really discourage these folks from getting their hands soiled.

Regardless, this is really commendable from the president. Gradually but surely, we'd build institutional frameworks that make looting very unattractive for our politicians and businessmen. It was what I voted him for, it is exactly what he's doing.

Just like Obiagelli said, my loyalty to Nigeria and her president remain firmly intact. All he needs is time. If after four years he gives me sufficient reasons to think otherwise, they so shall it be.


God bless Nigeria.

Not adequate but a step in the right direction...
I'd suggest a minimum of 25yrs jail term for offenders and a fine of N500m for institutions found wanting...If we must get it right, we must support this bill by pressuring our NASS members online and offline especially that twitter senator

How i wish the bill become law before the court deliver saraki case he can go and serve seven years imprison with hard labour

Iroh88:
The recommended punitive reprimand for flouting this law, if it sees the light of day, is grossly insufficient for me as a deterrent. The jail time for the offender is short and the minimum fine for the financial institutions involved is too small.

We need a lot more drastic means if we want to really discourage these folks from getting their hands soiled.

Regardless, this is really commendable from the president. Gradually but surely, we'd build institutional frameworks that make looting very unattractive for our politicians and businessmen. It was what I voted him for, it is exactly what he's doing.

Just like Obiagelli said, my loyalty to Nigeria and her president remain firmly intact. All he needs is time. If after four years he gives me sufficient reasons to think otherwise, they so shall it be.


God bless Nigeria.

same feeling. 7 years jail term to me is too small. Lets go tough like we did on gay marriage- 14 years and above.

any bank that is found guilty of money laundering would be liable for the fine of not less than N25 million and a designated non-financial business and profession would get a fine of not less that N10 Million if found guilty of the offence.

The bill, having defined who a perpetrator is, also tries to create a softspot for the least person on the ladder , I.e the person who knows about the criminal origin of such funds, but conceals it; this person might be an ordinary person or a cashier in the bank who might not be able to afford 10 million naira fine. But don't forget, the bill says not less than ...so any bank found wanting can be asked to pay 2 billion or an individual to pay hundreds of million.

Caseless:


I just de look you.

...or you de look im face, wen b like, "Aphta I phinis funishn dzis kwuruft pholitishans...nobwody will eva kwundone any of dzis again!"

I kinda like dze man though

Hope the National assembly would not drag its feet on this!

patrickmuf:
Not adequate but a step in the right direction...
I'd suggest a minimum of 25yrs jail term for offenders and a fine of N500m for institutions found wanting...If we must get it right, we must support this bill by pressuring our NASS members online and offline especially that twitter senator

Seems like you read my mind.Those penalties are too soft.What I'm still looking for is for those who are found guilty to lose 95% of their properties.

The NASS should step down this bill. How long are we going to continue to make laws favourable to looters and fraudsters?

AngryNigerian:


...or you de look im face, wen b like, "Aphta I phinis funishn dzis kwuruft pholitishans...nobwody will eva kwundone any of dzis again!"

I kinda like dze man though

same here.

Topeakintola:


Thank you bro

It is what we need right now

Lalasticlala abeg do the needful

Another common sense thread

U speak my mind bro. D jail term shldn't be less than 25yrs. All properties (belonging to the offerder & his/her immediate families) must be confiscated. Anybody that aid corruption must get 10yrs min.
The institution shld be fined not less than N1B. These are d only way to deter goats from eating our yams.

God bless Nigeria.

patrickmuf:
Not adequate but a step in the right direction...
I'd suggest a minimum of 25yrs jail term for offenders and a fine of N500m for institutions found wanting...If we must get it right, we must support this bill by pressuring our NASS members online and offline especially that twitter senator

989900:
. . . won't pass as long as Saraki is SP.

where's lalasticlala and mynd44 sef? Keneking, call them pls.

Abeg someone should explain something to me..

I doubt those greedy lawmakers will be willing to pass this particular bill

Okay

Una vote mallam de find "change". The only change wey mallam fit get na 20naira change

Elosky20:

imagine this amount of money will be enough for our budget from 2016-2032.
.
i knw that our yam eating senators will frustrate the bill. because all of them have been involved in money laundry previously, its quite unfortunate that the senate house have turned to a pension ground for former governors that have corruption cases on their neck and still have the audacity to make law for the innocent masses,
even the senate president that is presiding over the bill is facing corruption and falsification of assets charges so i wonder who will support the bill.
but i believe that buhari has good intentions for nigerians.
sai BUHARI
SAI CHANGE
#bringBackOurYam

Place ur head on ur computer and receive sense!!