The Senate on Wednesday received a letter from President Muhammadu Buhari seeking to enact Money Laundering Prevention and Prohibition Bill 2016 and the Mutual Legal Assistance in Criminal Matters Bill 2016.
The President of the Senate Bukola Saraki, while reading the letter said that the proposed bill provides for the repeal of the Money Laundering Prohibition Act 2011, as amended in 2012.
The proposed money laundering bill seeks to provide adequate penalty for money laundering while also increasing the scope of anti-money laundering agencies.
"This Bill seeks to make comprehensive provisions to prohibit the laundering of 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, enhance customer due diligence.
It provide appropriate penalties and expand the scope of supervisory bodies.
It also recognizes the role of certain self-regulatory organisations to address the challenges faced in implementation of comprehensive anti-money regime,” it read.
On its part, the Mutual Legal Assistance in Criminal Matters Bill 2016 seeks to get relevant international assistance in cases of money laundering.
The Bill is expected to provide framework for other countries to assist in provision of and obtaining of evidence, making of arrangements for persons to give evidence.
"The biIl also hope to elicit international assistance in criminal investigations, recovery, forfeiture or confiscation of property in respect of offences."
It 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.
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,” it read.
Meanwhile, the Senate began Wednesday’s plenary with an executive session where they discussed issues relating to the ongoing budget consideration.
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