In two fresh bills to senate, Buhari seeks stiffer punishment for money laundering

President Muhammadu Buhari has sent two bills with an anti-corruption gamut to the national assembly for legislative treatment and passage.

The bills – money laundering prevention and prohibition bill 2016 and the criminal matters bill 2016 – were contained in a letter read by Senate President Bukola Saraki on the floor of the upper legislative chamber on Wednesday.

Before the bills were read, the senate‎ had gone into a closed-session to further discuss the 2016 budget.

But it resumed plenary later, and lawmakers started making contributions to the debate on the budget – an exercise that started last Wednesday.

‎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,” Buhari’s letter read.

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

“It provides appropriate penalties and expands 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.”

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 providing and obtaining evidence, making of arrangements for persons to give evidence.

“The bill also hopes to elicit international assistance in criminal investigations, recovery, forfeiture or confiscation of property in respect of offences.

“It also seeks 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.”