Abuja - President Muhammadu Buhari has asked the Senate to repeal and re-enact the Money Laundering Prohibition Act, Nation reports.
This is contained in a letter to the Senate President, Abubakar Bukola Saraki, entitled: “The Money Laundering Prevention and Prohibition Bill 2016 and the Mutual Legal Assistance in Criminal Matters Bill 2016.’
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Buhari said the bill provides for the repeal of the Money Laundering Prohibition Act 2011 as amended in 2012, to make comprehensive provisions prohibiting the laundering of criminal activities, expand the scope of money laundering offences, provide protection for those who may discover money laundering, enhance customer due diligence, provide appropriate penalties and expand the scope of supervisory bodies, while recognising the role of certain self-regulatory organisations to address challenges in the implementation of a comprehensive anti-money regime.
It said: “I hereby introduce for formal consideration and enactment into law the Money Laundering Prevention and Prohibition Bill 2016 and the Mutual Legal Assistance in Criminal Matters Bill 2016.
Read more at Nation
- News 24