Central Bank of Nigeria, CBN has rejected plan by the Senate to enact new anti – money laundering laws without required amendments on the existing Act 2011, just as it called for its jettisoning. The proposed bills are (i) Money Laundering ( Prevention and Prohibition ) 2021, (ii) Public Complaints Commission ( Repeal and Re – enactment ) Bill 2022 and ( iii) Proceeds of Crime ( Recovery and Management )Bill 2021. The CBN made its position known 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 had on three different anti – corruption bills . At the hearing, the Economic and Financial Crimes Commission, EFCC and the Attorney – General of the Federation, Abubakar Malami , disagreed on moves to establish the Proceeds of Crime Commission. In his presentation on the legislative proposals, Governor of CBN, Godwin Emefiele stressed that an amendment of the existing Money Laundering ( Prevention ) Act 2011 would better serve the interest of Nigeria than a repeal and re- enactment.
Represented by a Director, Chibuzor Anthony Efobi, the CBN said : ” Where the existing Money Laundering ( Prevention) Act 2011, is repealed and re – enacted, there would be new legal foundations which have not been assessed against the FATF standards.” Emefiele who noted that this will open the likelihood that the new law will be deficient in other areas not limited to the deficiencies identified in the Mutual Evaluation Report, said,” 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.”
On the establishment of Commission for management of Proceeds of Crime being sought for by the third bill, while the Secretary of EFCC , George Ekpungu kicked against the proposal , the Deputy Director Legal Drafting from the office of the Attorney General of the Federation, Godwin Iheabunike supported the move. In his presentation while kicking against the proposal, the EFCC Secretary said , it will amount to duplication of functions between the proposed commission and EFCC while the Attorney – General representative , said the Commission was very necessary in tackling the new crime. Earlier in his remarks, the Chairman of the joint Committee , Senator Suleiman Abdu Kwari, APC Kaduna North explained that the proposed legislations were aimed at strengthening the fight against corruption in the country.
