The Senate has passed a harmonised version of the Money Laundering (Prohibition) Bill.



The passage of the bill followed the consideration and adoption of the report of the Senate and House of Representatives Conference Committee on the Money Laundering (Prohibition) Act, 2012.

The Chairman, Senate Committee on Narcotics, Drugs and Financial Crimes, Victor Lar, had moved a motion for the adoption of the report.

Lar informed the Senate that his committee and that of the House of Representatives had harmonised the differences contained in the two versions of the report presented by the two chambers.

The two chambers of the National Assembly had passed different versions of the bill on October 9 and October 17, respectively; which made it necessary for the harmonization.

The new Money Laundering (Prohibition) Act makes it mandatory for financial institutions to immediately report any suspicious transaction to the Economic and Financial Crimes Commission (EFCC).

The provision substitutes the former one which stipulated that such transaction should be reported to the EFCC within 7 days.

The Senate also at Thursday’s plenary session confirmed the appointment of three nominees as members of the Federal Character Commission (FCC).

They are Yarima Giade (Bauchi); Andie Clement (Bayelsa); and Alakayi Mamman (Nasarawa).

Meanwhile, the Senate has adjourned plenary session till December 11 to enable lawmakers to go into committees to consider the 2013 budget.

Then EFCC catches them. . . then they go scott-free!
Any news about the 'Haliburton' theives?