Central Bank of Nigeria (CBN) rejected plans by Senate to pass new anti-money laundering law.

Written by on February 18, 2022

The Central Bank of Nigeria (CBN) has, on Thursday, rejected plans by the Senate to pass a new anti-money laundering law.

The CBN made its position known during a public hearing by a Senate Joint Committee – anti-corruption, financial crimes, judiciary and human rights – on three different anti-corruption bills.

While speaking on the legislative proposals, the CBN Governor, Mr. Godwin Emefiele, who was represented by a CBN Director, said an amendment of the existing Money Laundering (Prevention) Act 2011 will better serve the interest of Nigerians than a repeal and re-enactment.

Report says that the Bills include; the Money Laundering (Prevention and Prohibition) 2021, Public Complaints Commission (Repeal and Re-Enactments) Bill 2022 and Proceeds of Crimes (Recovery and Management) Bill 2021.

Kevin Madu

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