Abuja - President Muhammadu Buhari on Wednesday introduced two bills to the National Assembly seeking stiffer penalties for money launderers, Punch has reported.
The first bill, titled "The Money Laundering (Prevention and Prohibition) Bill, 2016", sought to repeal the existing Money Laundering Act, to provide for harsher penalties to discourage the act.
The second bill, titled "The Mutual Legal Assistance in Criminal Matters Bill, 2016", will make provision that would enable the country to seek foreign assistance in repatriation of looted funds.
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Other issues that the bill will address are to include "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."
According to Buhari, the bill will provide a framework for how international states will obtain evidence and make arraignments where looted funds are concerned.
Read more at Punch