The executive bill presented to the senate by President Muhammadu Buhari, provides for the repeat of the money laundering offences, provide protection for employees of various institutions, provide appropriate penalties and other purposes.
After passing the Bill, Senate President, Bukola Saraki, said “this Anti-Money Laundering Legislation is a key component of President Muhammadu Buhari’s war on corruption agenda. This act will facilitate the needed cooperation with other states to prevent individuals from escaping prosecution by fleeing to another country.
Under the passed Bill, the Nigerian government may request that any country where a money launderer is hiding out to aid in the prosecution of such person, or such person may even be prosecuted in accord with the law of the host country. Nigeria would also be able to supply the country with unending support to aid a conviction.
This is the kind of innovation and cooperative anti-corruption scheme that will truly discourage money laundering”
