- The House of Representatives has proposed tougher measures against money laundering
- The measurement is that any individual caught with money laundry will face seven-year jail term and a fine of not less than N50m
- It was also said that the jail term is without the option of a fine and it is prescribed in Section 8
The House of Representatives has sought a seven-year jail term for money for launderers and a fine of “not less than N50m''.
The House on Monday, July 24, consolidated two anti-money laundering bills and referred them to the crucial committee stage, Punch reports.
NAIJ.com gathered that the bills were first passed by the National Assembly in 2011.
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The long title of the executive bill reads, ‘A Bill for an Act to Repeal the Money Laundering (Prohibition) Act, 2011 (as amended) and Enact the Money Laundering (Prevention and Prohibition) Act to Provide for Measures for the Prevention and Prohibition Laundering in Nigeria and for other Related Matters’.
It was learnt that the executive bill was sponsored by the Majority Leader of the House, Mr. Femi Gbajabiamila.
There is a proposal to amend Section 11(2)(b) of the Principal Act by “deleting N10m but not more than N50m and substituting it with not less than N50m.”
In the harmonised executive version, a jail term of “not less than seven years without the option of a fine,” is prescribed in Section 8, if the offender is an individual. For a financial institution, the penalty is a “fine of not less than N25m.”
Under Section 2, a laundered property is a property suspected to have “criminal origin,” while the offender is a person who “conceals, disguises, converts, transfers or removes the property from Nigeria.”
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Under Section 3 of the bill, acquiring or entering into any arrangement to acquire a property that has criminal origin “on behalf of another person,” is a punishable offence.
Under Section 4, a person “using the property” or “has possession of the property” is also an offender.
If the suspect is a “designated, non-financial business or profession,” the fine is not less than N10m.
Other penalties for individuals range from three years to five years on conviction by a court of competent jurisdiction.
Meanwhile, NAIJ.com had reported that the House of Representatives resolved to probe the activities of the defunct Presidential Task Team on Pension Reforms under former President Goodluck Jonathan.
The Punch reports that the lower House of legislature is investigating the whereabouts of the over N380bn which was said to have been recovered between 2010 and 2013.
Watch this NAIJ.com TV Video of the EFCC staging a walk against corruption:
