Nigeria risks being blacklisted by the Financial Action Task Force (FATF), if the country’s Money Laundering Bill and Terrorism Prevention bill, are not revised, to bring Anti-Money Laundering/terror Financing regime in conformity with the FATF recommendations.
This was contained in a letter from President Muhammadu Buhari to the senate which was read during plenary by the president of the senate Ahmad Lawan
President Buhari in the letter explained that the recent Mutual Evaluation carried out by the Inter-Governmental Action Group against Money Laundering in West Africa (GABA), deficiencies were observed in Nigeria’s Anti-Money Laundering/Combating the Financing of Terrorism regime (AML/CFT).
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He added that, following the evaluation, the federal Ministry of Justice and other relevant stakeholders reviewed the observed deficiencies and drafted the Money Laundering (Prohibition) Bill, 2022 and Terrorism (Prevention) Bill, 2022 and did come up with revised versions of the Bills, incorporating the resolutions to the deficiencies pointed out in the Mutual Evaluation Report.
He explained that the deficiencies in the country’s Anti-Money Laundering/Combating the Financing of Terrorism regime (AML/CFT), make it imperative for the passage of both bills.
Buhari warned that the non-passage of both bills pose a risk that may lead to the eventual blacklisting of Nigeria by the Financial Action Task Force (FATF) which could lead to negative consequences to the country’s growing economy
Buhari said the request for the passage of both bills is in pursuant of provisions of Section 58(2) of the 1999 Constitution as amended.
Editor : Ena Agbanoma
