The Nigerian senate has today considered two Bills seeking expedite action on prosecution of money launderers and also provide the needed framework for the prosecution of public servants with unexplained sources of wealth.
The bills, Money Laundering (Prevention and Prohibition) Bill, 2021, and Money Laundering (Prevention and Prohibition) (Repeal & Re-enactment) Bill, 2021 which scaled second reading during plenary today were sponsored by Sen. Sadiq Umar representing Kwara North and Sen. Suleiman Kwari representing Kaduna North.
Leading debate on the general principles of the first bill, Umar explained that the legislation seeks to repeal the extant Act and enact the Money Laundering (Prevention and Prohibition) Act, 2021.
This, he said, was to provide for a more comprehensive legal and institutional framework for the prevention and prohibition of money laundering in Nigeria.
On the second bill, Sen. Kwari said it was a piece of legislation which when passed, would help in the fight against corruption, money laundering and terrorism.
Contributing to the debate, Sen. Smart Adeyemi representing Kogi West said the legislation when enacted, would allow the government to probe those who had held public offices.
That is if they were found to be with unexplained sources of monies and property within and outside the country.