Nigeria signs Terrorism Prevention and Money Laundering Prohibition Bills

Nigerian President Goodluck Jonathan has signed, the Terrorism (Prevention) and Money Laundering (Prohibition) Bills into law.

The two bills were passed by the Sixth National Assembly and conveyed to President Jonathan for endorsement on Thursday, June 2, 2011.

He signed the bills on Friday June 3, 2011.

According to the statement, the new Terrorism (Prevention) Act, 2011 will institutionalize measures for the prevention, prohibition and combating of acts of terrorism and the financing of terrorism in Nigeria.

In addition, it will pave way for the effective implementation of the Convention on the Prevention and Combating of Terrorism as well as the Convention on the Suppression of the Financing of Terrorism, and prescribe penalties for the violation of its provisions.

The Money Laundering (Prohibition) Act, 2011 cancels the Money Laundering Act, 2004 and makes comprehensive provisions to ban the financing of terrorism, and the laundering of the proceeds of crime or illegal acts.

It also increases the scope of supervisory and regulatory authorities so as to address the challenges faced in the implementation of the anti-money laundering regime in Nigeria.

Source: All Voices