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New Money Laundering Bill: 7-year Prison Term Without Option Of Fine Awaits Offe - Politics - Nairaland

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New Money Laundering Bill: 7-year Prison Term Without Option Of Fine Awaits Offe by nurex01(m): 3:28am On Feb 26, 2016
ABUJA—IF the Money Laundering Prevention and Prohibition Bill 2016 presented to Senate by President Muhammadu Buhari sails through, it prescribes stiff penalty for anybody found culpable of the offence and upon conviction shall be an imprisonment for a term of not less than seven years without an option of fine.

According to the bill, any financial institution found guilty will have a fine of not less than N25 million, while non- financial businesses will be liable to a fine of not less than N10 million.

The bill defines any perpetrator of the crime 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 proposed bill also stipulated three years imprisonment or above for anybody who failed to report persons involved in the illicit act.

It would be recalled that President Muhammadu Buhari had last month presented an executive bill for an Act to repeal the Money Laundering( Prohibition) Act, 2011( As Amended) and enact the money laundering( Prevention and prohibition) Act to provide for measures for the prevention and prohibition of money laundering in Nigeria and for other related matters.

1 Like

Re: New Money Laundering Bill: 7-year Prison Term Without Option Of Fine Awaits Offe by nurex01(m): 3:29am On Feb 26, 2016
Who will be d first culprit?
Re: New Money Laundering Bill: 7-year Prison Term Without Option Of Fine Awaits Offe by gozmok1(m): 5:10am On Feb 26, 2016
Welcomed development where is dasuki
Re: New Money Laundering Bill: 7-year Prison Term Without Option Of Fine Awaits Offe by Tunami(m): 5:13am On Feb 26, 2016
that means so many apc and pdp polithiefcians will go to jail.
Re: New Money Laundering Bill: 7-year Prison Term Without Option Of Fine Awaits Offe by Flexherbal(m): 5:21am On Feb 26, 2016
This is a good bill and should be passed soon.
Re: New Money Laundering Bill: 7-year Prison Term Without Option Of Fine Awaits Offe by amaechi1: 5:33am On Feb 26, 2016
Nigerians rather throwing aspersions on Mr President, do we turn the heat on National Assembly. A senate that is ready to fight corruption would have passed that bill by now not investigating DSTV.

1 Like

Re: New Money Laundering Bill: 7-year Prison Term Without Option Of Fine Awaits Offe by Mjshexy(f): 5:51am On Feb 26, 2016
A life time jail sentence would have been better, some people e.g Dasuki are just so heartless to the extent that their execution do not require any negotiation at all
Re: New Money Laundering Bill: 7-year Prison Term Without Option Of Fine Awaits Offe by johnmartus(m): 6:45am On Feb 26, 2016
Mjshexy:
A life time jail sentence would have been better, some people e.g Dasuki are just so heartless to the extent that their execution do not require any negotiation at all
even that little seven years senate are not willingly to pass it to law because they knows that they will be the first victim talk on capital punishment

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Re: New Money Laundering Bill: 7-year Prison Term Without Option Of Fine Awaits Offe by plaetton: 7:19am On Feb 26, 2016
Silly Africans.

The African mind is a wonder.

We still don't understand what money is and how it works.
This is probably why we were enslaved, colonized and still neo- colonized this very day.

This is why despite all our natural and human resources and potentials, we are a failed state groping in the dark.

When it comes to money and capital, we do things in the reverse.

This idiotic money-laundering bill is a bona fide WAR ON CAPITAL.

How can a third world basket- case economy like Nigeria wage a war against CAPITAL? shocked

Perhaps I am ignorant.
But can someone please please define money laundering for me, and educate me on why we need an Anti-money( CAPITAL) laundering bill at this particular period in our economic life .

I hear someone say " we are fighting corruption ".
To that I say : nonsense.
We already have laws dealing with corruption and fraud.

2 Likes

Re: New Money Laundering Bill: 7-year Prison Term Without Option Of Fine Awaits Offe by Mjshexy(f): 7:32am On Feb 26, 2016
johnmartus:
even that little seven years senate are not willingly to pass it to law because they knows that they will be the first victim talk on capital punishment
Yea those senators will frustrate the bill because they know they will always be involved in money laundering, it's well
Re: New Money Laundering Bill: 7-year Prison Term Without Option Of Fine Awaits Offe by nurex01(m): 1:08pm On Apr 10, 2016
Which they will do all possible things to avert it
Re: New Money Laundering Bill: 7-year Prison Term Without Option Of Fine Awaits Offe by amaechi1: 1:59pm On Apr 10, 2016
plaetton:
Silly Africans.

The African mind is a wonder.

We still don't understand what money is and how it works.
This is probably why we were enslaved, colonized and still neo- colonized this very day.

This is why despite all our natural and human resources and potentials, we are a failed state groping in the dark.

When it comes to money and capital, we do things in the reverse.

This idiotic money-laundering bill is a bona fide WAR ON CAPITAL.

How can a third world basket- case economy like Nigeria wage a war against CAPITAL? shocked

Perhaps I am ignorant.
But can someone please please define money laundering for me, and educate me on why we need an Anti-money( CAPITAL) laundering bill at this particular period in our economic life .

I hear someone say " we are fighting corruption ".
To that I say : nonsense.
We already have laws dealing with corruption and fraud.

I am not surprise that you will not find anything good in this bill. It is people like you that the bill is meant to check mate. People who milk is father's land and stack the money abroad at the expense of his people. You should as well advocate the western world to soften their laws on immigration and terrorism because the world is global village not global jungle.

3 Likes

Re: New Money Laundering Bill: 7-year Prison Term Without Option Of Fine Awaits Offe by amaechi1: 2:04pm On Apr 10, 2016
amaechi1:
Nigerians rather throwing aspersions on Mr President, do we turn the heat on National Assembly. A senate that is ready to fight corruption would have passed that bill by now not investigating DSTV.

Are you surprise? NASS led by Panama fraud lord will not pass such bill.

1 Like

Re: New Money Laundering Bill: 7-year Prison Term Without Option Of Fine Awaits Offe by plaetton: 2:22pm On Apr 10, 2016
amaechi1:


I am not surprise that you will not find anything good in this bill. It is people like you that the bill is meant to check mate. People who milk is father's land and stack the money abroad at the expense of his people. You should as well advocate the western world to soften their laws on immigration and terrorism because the world is global village not global jungle.

My friend, stop writing nonsense. You are not addressing a fellow zombie.

All I see in the bill is a covert war against CAPITAL in Nigeria.

Now please, cut all this childish crap, and kindly educate me on what money laundering is, and why we need this particular anti-moneylaundering bill so badly.
Re: New Money Laundering Bill: 7-year Prison Term Without Option Of Fine Awaits Offe by olorunda68: 3:14pm On Apr 10, 2016
plaetton:
Silly Africans.

The African mind is a wonder.

We still don't understand what money is and how it works.
This is probably why we were enslaved, colonized and still neo- colonized this very day.

This is why despite all our natural and human resources and potentials, we are a failed state groping in the dark.

When it comes to money and capital, we do things in the reverse.

This idiotic money-laundering bill is a bona fide WAR ON CAPITAL.

How can a third world basket- case economy like Nigeria wage a war against CAPITAL? shocked

Perhaps I am ignorant.
But can someone please please define money laundering for me, and educate me on why we need an Anti-money( CAPITAL) laundering bill at this particular period in our economic life .

I hear someone say " we are fighting corruption ".
To that I say : nonsense.
We already have laws dealing with corruption and fraud.
Re: New Money Laundering Bill: 7-year Prison Term Without Option Of Fine Awaits Offe by olorunda68: 3:26pm On Apr 10, 2016
Are you saying that tightening laws on money laundring is wrong? and please educate us more on what you term "waging war on capital" . How does both relate sir, I'm confused!
Re: New Money Laundering Bill: 7-year Prison Term Without Option Of Fine Awaits Offe by plaetton: 3:50pm On Apr 10, 2016
olorunda68:
Are you saying that tightening laws on money laundring is wrong? and please educate us more on what you term "waging war on capital" . How does both relate sir, I'm confused!

I am asking for the 3rd time for someone to define money laundering for me, and why Nigeria needs a special law against it, considering all the criminal laws we already have in our books.

I am trying to be sincere here.

I really want to know what the government and the average person considers money laundering.

1 Like

Re: New Money Laundering Bill: 7-year Prison Term Without Option Of Fine Awaits Offe by Nobody: 3:53pm On Apr 10, 2016
In Bjorn's voice(vikings)









Goot !
Re: New Money Laundering Bill: 7-year Prison Term Without Option Of Fine Awaits Offe by Lordsocrates: 5:02pm On Apr 10, 2016
plaetton:
Silly Africans.

The African mind is a wonder.

We still don't understand what money is and how it works.
This is probably why we were enslaved, colonized and still neo- colonized this very day.

This is why despite all our natural and human resources and potentials, we are a failed state groping in the dark.

When it comes to money and capital, we do things in the reverse.

This idiotic money-laundering bill is a bona fide WAR ON CAPITAL.

How can a third world basket- case economy like Nigeria wage a war against CAPITAL? shocked

Perhaps I am ignorant.
But can someone please please define money laundering for me, and educate me on why we need an Anti-money( CAPITAL) laundering bill at this particular period in our economic life .

I hear someone say " we are fighting corruption ".
To that I say : nonsense.
We already have laws dealing with corruption and fraud.


shameless deranged folks whom am so unfortunate to share the same country with..

we have a law, that would gv Dasuki just 2yrs imprisonment after all the lifes that has been lost by the misappropriation of $2.1billion that would have ended this way back den when Boko haram had only cutlass and petrol bombs...

its shameful, very very shameful to read comments like yours... Gej lost, deal with it, and stop hating on anything this admin does, whether good or bad.. get a life

1 Like

Re: New Money Laundering Bill: 7-year Prison Term Without Option Of Fine Awaits Offe by plaetton: 5:46pm On Apr 10, 2016
Lordsocrates:



shameless deranged folks whom am so unfortunate to share the same country with..

we have a law, that would gv Dasuki just 2yrs imprisonment after all the lifes that has been lost by the misappropriation of $2.1billion that would have ended this way back den when Boko haram had only cutlass and petrol bombs...

its shameful, very very shameful to read comments like yours... Gej lost, deal with it, and stop hating on anything this admin does, whether good or bad.. get a life

This is called a red herring.

You have a made noise, but no coherent argument, no sensible point.

What is money laundering? How would the proposed anti-money laundering bill( a thoughtless duplication of existing laws) make any difference ?

That's what I want an intelligent person to try to explain.

I am waiting for an intelligent person to actually make a case for this bill so that we can have a stimulating debate on this.

I personally see this bill as a misguided WAR on CAPITAL, if you understand what capital is.

I fail to see the connection to Dasuki, GEJ, or Boko haram.

If you are sincere about debating Dasuki, GEJ and Boko haram, I would be happy to debate those with you.
Re: New Money Laundering Bill: 7-year Prison Term Without Option Of Fine Awaits Offe by olorunda68: 9:16pm On Apr 10, 2016
please explain what this your quote mean, "This idiotic money-laundering bill is a bona fide WAR ON CAPITAL" How is this government waging war on money laundering = WAR ON CAPITAL sir, or you are just saying what you don't understand? please kindly educate us on what WAR ON CAPITAL means sir?
Re: New Money Laundering Bill: 7-year Prison Term Without Option Of Fine Awaits Offe by nurex01(m): 7:16pm On Oct 04, 2016
Nigerian! With a lot of taboo
Re: New Money Laundering Bill: 7-year Prison Term Without Option Of Fine Awaits Offe by zurine(f): 7:25pm On Oct 04, 2016
not a bad idea, as long as it applies to everyone

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