Olusola Bello
The Central Bank of Nigeria (CBN) Thursday rejected the plan by the Senate to enact new anti-money laundering laws without required amendments on the existing Money Laundering (Prevention ) Act 2011.
In the same vein, the Economic and Financial Crimes Commission (EFCC) and the Attorney – General of the Federation Abubakar Malami(SAN) also disagreed on the proposed establishment of proceeds of crimes commission.
Divergent positions of agencies of government on proposed legislations by the Senate came to the fore during the public hearing by the Senate joint committees on Anti- Corruption and Financial Crimes, Judiciary, Human Rights and Legal Matters as well as Ethics, Privileges and Public Petitions on three different anti-corruption bills
The apex bank put forward this position during a public hearing by a Senate Joint Committee – anti-corruption, financial crimes, judiciary and human rights – on three different anti-corruption bills.
The bills include the Money Laundering (Prevention and Prohibition) 2021, Public Complaints Commission (Repeal and Re-Enanctment) bill 2022 and Proceeds of Crimes (Recovery and Management) Bill 2021.
In his submission on the legislative proposals, the CBN Governor, Mr Godwin Emefiele, who was represented by a CBN Director, Chibuzor Anthony Efobi, said an amendment of the existing Money Laundering (Prevention) Act 2011 will better serve the interest of Nigerians than a repeal and re-enactment.
“Additionally, the new law will have to be completely reviewed by the FATF and GIABA for compliance with FATF recommendations.
“There will be a risk that the international assessment identifies new gaps which would lead to rating downgrades.
“Consequently, the CBN is opposed to the passage of the proposed bills for the repeal and re – enactment of the existing Money Laundering (Prevention) Act 2011. We have attached a copy of a proposed amendment to the 2011 Act for your consideration and necessary action,” he stressed.
On the proposed establishment of a commission for management of proceeds of crimes being sought for by the third bill, Secretary of EFCC George Ekpungu kicked against it while Deputy Director Legal Drafting from the Office of AGF Godwin Iheabunike supported the proposal.
The EFCC secretary said it would amount to duplication of functions between the proposed commission and the agency, while the AGF submitted that the commission was very necessary to tackle the new crime.
