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President Muhammadu Buhari on Wednesday
introduced two bills to the National Assembly to
strengthen the war against money laundering.
The bills were titled, “The Money Laundering
(Prevention and Prohibition) Bill, 2016” and “The
Mutual Legal Assistance in Criminal Matters Bill,
2016.”


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The Senate President, Dr. Bukola Saraki, read the
letter containing the bills at plenary on Wednesday
while at the House of Representatives, the Speaker,
Mr. Yakubu Dogara, read Buhari’s letter conveying
the bills to members.




Buhari in the letter stated that the first bill sought to
repeal the existing Money Laundering Act, which was
enacted in 2011 to provide for stiffer penalty for
money launderers to discourage the illegal act.
On the second bill, the President explained that its
aim was to make provisions that would enable
Nigeria to seek international assistance in recovering
looted funds.




Part of the letter read, “This bill seeks to facilitate the
provision and obtaining by Nigeria of international
assistance in criminal matters, including the
provision and obtaining of evidence and things, the
making of arrangements for persons to give evidence
or assist in criminal investigations, the recovery,
forfeiture or confiscation of property in respect of
offences…”



The Money Laundering Prevention and Prohibition
Bill, he stated, “seeks to make comprehensive
provisions to prohibit laundering and the criminal
activities, expand the scope of money laundering
offences.



“It seeks to provide protection for employees of
various institutions, bodies and professions who may
discover money laundering and enhance customer
due diligence.



“It provides appropriate penalties and expand the
scope of supervisory bodies. It also recognises the
role of certain self-regulatory organisations to
address the challenges faced in the implementation
of comprehensive anti-money regime.”



Other issues that the proposed law will address,
according to Buhari, are, “the execution of request
for search and seizure, the location and
identification of witnesses and suspects, the service
of documents and other matters connected
herewith.”




According to Buhari, the Bill is expected to provide
the framework for other countries to assist in
provision and obtaining of evidence, making of
arrangements for persons to give evidence.
The biIl, he added, also “seeks to get international
assistance in criminal investigations, recovery,
forfeiture or confiscation of property in respect of
offences.”



He said the proposed law also sought assistance in
“the restraining of dealings in property or the
freezing of assets that may be recovered, forfeited or
confiscated in respect of offences.”


Meanwhile, the House of Representatives has
advised the Nigerian Electricity Regulatory
Commission to put its planned February 3 hike in
electricity tariff on hold.



The House of Representatives ad hoc committee
investigating over-billing and other activities of
distribution companies arrived at the decision after a joint meeting with NERC and the Nigeria Electricity Consumers Advocacy Network.


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A statement on Wednesday by the Chairman of the
committee, Mr. Jimi Benson, on the outcome of the
meeting, noted that while NERC and the Discos
supported tariff hike, NECAN opposed it.
However, he said the parties later reached a
common ground.

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