Buhari To Tackle Money Laundering and Freeze Accounts, Seeks Approval

The House of Representatives has received a bill from President Muhammadu Buhari which requests approval for the Economic and Financial Crimes Commission (EFCC) to freeze accounts purported to hold criminal precedes and come down hard on money launderers.

Femi Gbajabiamila, Speaker of the House read a letter from the president in full and it holds the instrument of legislation. President Buhari originally did not support of the consent of the bill in 2019. The worsening working relations between the national assembly and the executives had a part in that.

The president’s statement reads “I am pleased to inform the Honourable Members of the House of Representatives, that the above mention bill was presented to the Federal Executive Council in council memo EC (2020)159 on 16th September 2020 and was subsequently approved for transmission to the National Assembly”.

The law enforcement agencies will gain improved ability to seize, freeze, and confiscate stolen assets in Nigeria with the bill.

“An important feature of the Bill is the creation of the Proceeds of Crime (Recovery and Management) Agency” he stated. The Proceeds of Crime bill is necessary to build a lasting foundation for fighting corruption.

Money laundering in Nigeria

While curbing money laundering, it will also be possible to spot illicit funds activities. Lack of transparency, accountability, and lack of credible records that anti-corruption agencies suffer in management of recovered funds will also be addressed by the bill.

The statement iterates that all related constitutional and human rights laws will not be overlooked. President Buhari ends the statement saying he expects the House to give the bill to freeze such accounts expedited hearing.

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Money laundering in Nigeria

Christina Ngene

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