{"id":2678,"date":"2022-05-19T10:15:24","date_gmt":"2022-05-19T10:15:24","guid":{"rendered":"https:\/\/placng.org\/Legist\/?p=2678"},"modified":"2022-05-19T10:15:28","modified_gmt":"2022-05-19T10:15:28","slug":"president-buhari-assents-to-three-bills-to-combat-financial-crimes-terrorism","status":"publish","type":"post","link":"https:\/\/placng.org\/Legist\/president-buhari-assents-to-three-bills-to-combat-financial-crimes-terrorism\/","title":{"rendered":"President Buhari Assents to Three Bills To Combat Financial Crimes, Terrorism"},"content":{"rendered":"\n<p>President Muhammadu Buhari on 13<sup>th<\/sup> May 2022, assented to three bills \u2013 Money Laundering (Prevention and Prohibition) bill 2022, Terrorism (Prevention and Prohibition) bill 2022 and the Proceeds of Crime (Recovery and Management) bill 2022. <\/p>\n\n\n\n<p>It will be recalled that the\nHouse of Representatives passed these three bills alongside two others in an\nemergency session on 4<sup>th<\/sup> May 2022, while the Senate had passed these\nbills earlier, following the President\u2019s request in January 2022 for their\npassage. According to the President, the three new Acts are geared towards\nstrengthening Nigeria\u2019s&nbsp; framework on\nAnti-Money Laundering\/Combating the Financing of Terrorism (AML\/CFT). &nbsp;<\/p>\n\n\n\n<p>The Money Laundering Act 2022\nprovides a legal and institutional framework for preventing, detecting,\nprosecuting and punishing money laundering offences. It also establishes the\nSpecial Control Unit Against Money Laundering (SCUML) under the Economic and\nFinancial Crimes Commission (EFCC) for implementation of the provisions of the\nAct as it relates to non-financial businesses and professions. <\/p>\n\n\n\n<p>The Proceeds of Crime Act 2022\nprovides a legal and institutional framework for the recovery and management of\nproceeds of crime and benefits derived from unlawful activities and unclaimed\nproperty suspected to be proceeds of crime. The provisions of the Act shall be\nenforced by organisations listed in it as relevant organisations, which are expected\nto establish a Proceeds of Crime (Management) Directorate to manage properties\nforfeited to the Federal Government of Nigeria. <\/p>\n\n\n\n<p>The Terrorism Act 2022\nprovides a legal, regulatory and institutional framework for preventing,\ndetecting, prosecuting and punishing acts of terrorism, terrorism financing,\nproliferation and financing the proliferation of weapons of mass destruction in\nNigeria. <\/p>\n\n\n\n<p>PLAC has in previous editions\nof LEGIST, reviewed these bills, pointing out a few concerns. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Muhammadu Buhari on 13th May 2022, assented to three bills \u2013 Money Laundering (Prevention and Prohibition) bill 2022, Terrorism (Prevention and Prohibition) bill 2022 and the Proceeds of Crime (Recovery and Management) bill 2022. It will be recalled that the House of Representatives passed these three bills alongside two others in an emergency session [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1885,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-2678","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/posts\/2678","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/comments?post=2678"}],"version-history":[{"count":1,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/posts\/2678\/revisions"}],"predecessor-version":[{"id":2685,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/posts\/2678\/revisions\/2685"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/media\/1885"}],"wp:attachment":[{"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/media?parent=2678"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/categories?post=2678"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/tags?post=2678"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}