The President, Muhammadu Buhari through a letter dated 6 October 2020, transmitted the Proceeds of Crime Recovery and Management Bill, 2020 to the Senate for consideration and passage.
In the letter read by the President of the Senate, Sen. Ahmad Lawan at the plenary session of Tuesday, 13 October 2020, President Buhari stated that the Bill seeks to:
- Build an enduring and sustainable foundation for the fight against corruption, money laundering and illicit movement of funds through the banking system and across Nigerian borders.
- Improve the ability of law enforcement agencies to seize, freeze and confiscate stolen assets in Nigeria while observing all related constitutional and human right laws.
- Address problems of transparency, accountability and non-credibility of records associated with current procedures for the management of recovered funds by anti-corruption agencies and other institutions in Nigeria.
According to the President, an important feature of the Bill, is the establishment of the Proceeds of Crime Recovery and Management Agency which shall be responsible for:
- Enforcing the provisions of the Bill and coordination of the proceeds and instrumentalities of unlawful activities in Nigeria in collaboration with anti-corruption and other law enforcement agencies.
- Ensuring that Nigerians benefit from the Proceeds of Crime by certifying that once recovery is made, the properties and assets secured through the final forfeitures granted by a court order will be paid into an account domiciled in the Central Bank of Nigeria (CBN).
President Buhari noted that these funds will be used for development projects under the Annual Appropriation Act approved by the National Assembly and also would be used to support the work of law enforcement and anti-corruption agencies.
