The Money Laundering (Amendment) Bill, 2017 scaled second reading in the House of Representatives at its plenary on Thursday, July 13, 2017.
Leading the debate on the Bill, Hon. Edward Pwajok (APC: Plateau) stated that the objective of the amendment was to address certain provisions of the Principal Act. The sections to be amended are section (1)which provides for the prohibition of money laundering and section 15 which deals with other offences, such as illicit traffic in narcotic drugs etc, other amendments include provisions in the Executive Bill which seeks to repeal and re-enact the existing principal Act.
Speaking further, he said the Principal Act which was first enacted in 2003 and is cited as CAP M18 LFN, 2004 and amended in 2011. The objective of the principal Act was to tackle corruption, specifically the use of money to cover up financial crimes.
In conclusion,he said that although the Executive Bill, which had been consolidated, with his Bill dealt with repealing the obnoxious provisions, a lot of work probably amounting to a wholesale redrafting has to be done in line with international best practices and separation of powers.
The Bill has been referred to the Committee on Economic and Financial crimes commission for further legislative input.
