AFNewsNG
Latest Breaking News In Nigeria

TERRORISM: Bills Seeking Punishments For Govt Officials Pass 2nd Reading

0

Two bills seeking for the prosecution of government officials involved in money laundering and terrorism financing, has passed its 2nd reading in the Senate.

The bills; Money Laundering (Prevention and Prohibition) Bill, 2021 and Money Laundering (Prevention and Prohibition) (Repeal & Re-enactment) Bill, 2021, were sponsored by Senators- Suleiman Umar (APC, Kwara North) and Suleiman Kwari (APC, Kaduna North).

The bill which scaled through a 2nd reading in the House on Wednesday, November, 10, seeks to provide a framework for the prosecution of public servants who cannot explain their acquired wealth.

In his defense, Umar explained that the bill seeks to repeal the extant Act and enact the Money Laundering (Prevention and Prohibition) Act, 2021.

This according to him, will also provide a more comprehensive legal and institutional framework for the prevention and prohibition of money laundering in Nigeria.

READ ALSO  CONSTITUTIONAL RESTRUCTURING: Senate Removes 6 Items From Exclusive List | READ IN FULL

The lawmaker said it also included investment or funds transfer made or obtained fraudulently into legitimate businesses to make the illicit funds difficult to trace.

Umar said, “Many public servants who are entrusted with managing public funds for the benefit of the larger society are often accused of creating phantom companies.”

He noted that defects and inadequacies of previous legislation on money laundering led to a series of legislative reforms which culminated in the enactment of the Money Laundering (Prohibition) Act, 2011.

He said the bill sought to make provisions for a comprehensive and effective anti-money laundering legislation, taking into consideration the changing patterns and techniques now being employed by money launderers in today’s global village driven by technological advancement.

READ ALSO  Why FG Has Failed In It's Fight Against Insecurity— Peter Obi Reveals

Contributing to the bill, the Senator representing Kogi West, Smart Adeyemi, called for the exposure of all politicians with foreign accounts.

Adeyemi said, “There is no doubt that billions of dollars and pounds have been siphoned abroad from our system to foreign nations especially by those who have held political office in times past.

“We must look at how we can enlarge the net of exposing and arresting those who have siphoned money out of this country.

“In essence, this bill must take into consideration public office holders and their families who have property abroad to give account of how they acquired those property.”

READ ALSO  INEC Presents Certificates Of Return To Senators-Elect In Abuja |SEE PHOTOS

On the other hand, Senator representing Enugu West, Ike Ekweremadu, criticised the bill sponsored by Kwari, which sought to establish the Bureau for Money Laundering Control to be domiciled in the Nigerian Financial Intelligence Unit, being managed by the Economic and Financial Crimes Commission.

Ekweremadu said, “We need to be sure that we are not over designating, because some of the issues raised are the things that are within the powers of EFCC.

“So, if we go further to provide probably a chief executive for that special unit, then we are going to have problems between the executive chairman of EFCC and the unit under him.”

Watch What's Trending!

 

Leave A Reply

Your email address will not be published.