On 12 May 2022, the President of the Federal Republic of Nigeria, Muhammadu Buhari as part of the efforts to strengthen the AML/CFT regime in Nigeria signed into law the following Bills; (i) Money Laundering (Prevention and Prohibition) Bill, 2022 (ii) Terrorism (Prevention and Prohibition) Bill, 2022 (iii) Proceeds of Crime (Recovery and Management) Bill, 2022.
The President stated that the Bills were signed to address the inadequacies identified in Nigeria’s second round of Mutual Evaluation as assessed by Inter-Governmental Action Group Against Money Laundering in West Africa (“GIABA”) on compliance with the Financial Action Task Force (“FATF”) global standards. The new laws also provide for penalties as well as control mechanisms and strategies to effectively address the scourge of money laundering, illicit financing and terrorism in Nigeria.
During the signing ceremony, the President stated the following regarding the legislations:
Money Laundering (Prevention and Prohibition) Act 2022
The Act provides a robust legal and institutional framework for the prevention and prohibition of money laundering in Nigeria and domesticates the Special Control Unit Against Money Laundering within the Economic and Financial Crimes Commission.
Terrorism (Prevention and Prohibition) Act 2022
The Act repeals the Terrorism (Prevention) Act, 2011 as amended in 2013 and provides for the effective implementation of international instruments on the prevention and combating of terrorism and suppression of the financing of terrorism.
Proceeds of Crime (Recovery and Management) Act 2022
This Act provides for the seizure, confiscation, forfeiture and management of properties derived from unlawful activity. The new law mandates the creation of dedicated accounts for the proceeds of crime and other confiscated assets in order to enhance the accountability of the process.
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