Nigerian senate on Wednesday considered a critical bill seeking to facilitate the swift prosecution of money launderers in the country.
The Nigerian senate did the second reading of the bill during a full session Wednesday. It is expected that when the bill was adopted and passed into law, it would also provide the needed framework for the prosecution of public servants with unexplained sources of wealth.
In a statement, the Nigerian senate said the Money Laundering Prevention And Prohibition Bill 2021 aims “to provide a more comprehensive legal and institutional framework for the prevention and prohibition of money laundering in Nigeria.”
“The bill takes into consideration the changing patterns and manifestation of money laundering as an offense, which includes investment or funds transfer made or obtained fraudulently into legitimate businesses to make the illicit funds difficult to trace,” the statement read.
The senate said it is aiming to improve on previous legislation on money laundering introduced in Nigeria to tackle the menace of money laundering.
“The bill under consideration, however, seeks to repeal and enact 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,” it added. Enditem