‘Amendment will serve better’ CBN opposes new anti-money laundering legislation

On Thursday, the Central Bank of Nigeria spoke out against the Senate’s intentions to pass a new anti-money laundering law.

This was said by the apex bank during a public hearing on three anti-corruption proposals held by the Senate Joint Committee on Anti-Corruption, Financial Crimes, Judiciary, and Human Rights.

Money Laundering (Prevention and Prohibition) Bill 2021, Public Complaints Commission (Repeal and Re-Enactment) Bill 2022, and Proceeds of Crimes (Recovery and Management) Bill 2021 are the bills in question.

The CBN Governor, Mr Godwin Emefiele, who was represented by a CBN Director, stated in his submission on the legislative recommendations that an amendment of the existing Money Laundering (Prevention) Act 2011 will better serve the interests of Nigerians than repeal and re-enactment.

Rtn. Victor Ojelabi

Ojelabi, the publisher of Freelanews, is an award winning and professionally trained mass communicator, who writes ruthlessly about pop culture, religion, politics and entertainment.