Ggg

I love that part " without an option of a fine " chai yam eaters are in serious gbege.



Baba giving looters and their supporters sleepless night daily.

This is a welcomed start, more bills like this and corruption would be gasping air in bid to survive......#UpNigeria

Caseless:
trust the NASS at your peril.

Patiently waiting on our Twitter senatorial district head to say something about this bill, maybe he could champion it or trash it/ remain siddon look in the house

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

PATRICK YOU ARE THE MAN, YOU HIT THE NAIL ON THE HEAD, LET'S SUPPORT AND ALSO MAKE THE NASS UNCOMFORTABLE, THOSE GUYS ARE BIG TIME CRIMINALS, THEY WOUDN'T WANT THIS BILL PASSED IN TIME, LET'S BEGIN TO LEND OUR VOICES AGAINST THE FIGHT AGAINST CORRUPTION BOTH ONLINE AND OFFLINE.

PeinDanzo:


Place ur head on ur computer and receive sense!!

give him a superior argument instead to prove you are properly educated bro

efilefun:
Patiently waiting on our Twitter senatorial district head to say something about this bill, maybe he could champion it or trash it/ remain siddon look in the house

maybe, his attention should be called to this on twitter since that's his constituency.

A step in the right direction. How do we prevent govt. at all levels from padding contracts and awarding same contracts to themselves using phony companies?

We still get hope bro.

Always wishing the best for my country

We can do little from here

We will continue to wish, hope and pray for a better Nigeria

Good bless the Federal republic of Nigeria

More wisdom to the President

nice step in d right direction

I hope Ben Murray Bruce will be active enough to give this bill it's necessary twitter publicity..

The twitter pros(I'm not very twitter savvy) should please start the hash tag. I'm eager to post it anywhere "postable".

Besides, I think this should be called "our" anti money laundering bill.

PeinDanzo:

Place ur head on ur computer and receive sense!!

Recieve sense IJN

7years? was expecting 20 - 30years jail term

k

I love the no fine option part of the bill

Baba no too try for the jail term, to me is too small. If someone that is found guilty of Homosexual will be jail for 14 years, and someone that launderd public money will only get 7 years, that is real injustice. Jail term for any body that launderd publc money suppose to be 25 years in prison without any fine or option.
Is like Baba him self is afraid..

Elosky20:

Recieve sense IJN

Concession accepted

kuuljay:
give him a superior argument instead to prove you are properly educated bro

Emm ..must I remided u u have a waec to prepared for?

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.

if the punitive measure is too harsh, it will give room for corrupt judge to negotiate with or be induced by defaulters . I think it was crafted to elicit convictions and such convicts, will have a field day in the court of the public opinion whose awareness via means such as the social media is ever increasing by the day

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

these are bills thieves in the house would never pass..except the likes of ben Murray bruce...

Caseless:


Culled from:


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

Good one.

Caseless:


Culled from:


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

There's no need for any money laundering control unit, cause we already have the Nigeria Financial Intelligence Unit which I believe is under the EFCC. What the president is proposing is exactly their job!. In this country the problem hasn't always been making new laws but enforcing it.

Nigerian elites and ruling class does not obey the law. That's a major problem for this country.

About Nigeria Financial Intelligence Unit, details at: http://www.nfiu.gov.ng/index.php/nfiu

sonnie10:
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. 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.

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.

In essence, the banks can launder #500M since it is free money that they did not work for, then they pay the #25M fine. Still a win win situation for the banks and their cronies.

Endorsed!

Good one

Can someone please define money laundering for me , so I can figure out why we are so gung ho about outlawing it.

The reason I say that is that nations like like Britain have long served as the money laundering capital of the world.
In fact, the economy depends on float of unregulated funds in the economy.

In the USA, there are estimates of $800 billion dollars in informal funds floating within the economy at any given time.
If you consider that $770 billion were used to bail out the USconomy in 2008, then

Death penalty for any case of corruption won't be bad o, na once corruption go vanish.

#NASSPASSTHEANTIMONEYLAUNDERINGBILLNOW

This is what we are talking about. Even if implemented it may not be used. We ve had about some here passed bills in the past but ended up not observed. If the bill can be observed, nigeria will be free of corruption. Its time to lift this country back to where our forefather stopped the good work. And lift nigeria from ants of africa back to the giants of africa. Naija shall survive.

Can someone please define money laundering for me , so I can figure out why we are so gung ho about outlawing it.

The reason I say that is that nations like like Britain have long served as the money laundering capital of the world.
In fact, the economy depends on float of unregulated funds in the economy.

In the USA, there are estimates of $800 billion dollars in informal funds floating within the economy at any given time.
If you consider that $770 billion were used to bail out the US economy back in 2008, then you immediately recognize the economic importance of $800 billion float of laundered funds within the economy.
Despite their lipservice to anti-money laundering, the US Treasury recognizes the economic importance of the $800 billion float of laundered money in the economy.

Now, African leaders, more Catholic than the Pope, never seem to a common sense approach towards dealing with their own peculiar problems.

My point is that too many bureaucratic restrictions on the free flow of money and capital would tend to choke and strangle our already comatose, non- productive economy.