CBN rejects plans by Senate to enact new anti-money laundering law

The Central Bank of Nigeria on Thursday kicked against plans by the Senate to enact a new anti-money laundering law.

The apex bank put forward this position during a public hearing by a Senate Joint Committee – anti-corruption, financial crimes, judiciary and human rights – on three different anti-corruption bills.

The bills include the Money Laundering (Prevention and Prohibition) 2021, Public Complaints Commission (Repeal and Re-Enanctment) bill 2022 and Proceeds of Crimes (Recovery and Management) Bill 2021.

In his submission 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.