Money Laundering Amendment Bill Scales Second Reading In House Of Reps
Money Laundering Amendment Bill Scales Second Reading In House Of Reps
The House of Representatives has passed for second reading a bill seeking to amend the Money Laundering (Prevention and Prohibition) Act, 2022, as part of renewed efforts to strengthen Nigeria’s anti-corruption framework and enhance asset recovery mechanisms.
The proposed legislation, sponsored by Hon. Yusuf Gagdi, who represents Kanke/Pankshin/Kanam Federal Constituency of Plateau State, seeks to modernise the country’s anti-graft laws in line with global best practices and to address the evolving sophistication of financial crimes.
Leading the debate on the general principles of the bill during plenary on Wednesday, Gagdi noted that the amendment would plug existing loopholes in the legal system and ensure more robust enforcement against money laundering and related offences.
He explained that despite Nigeria’s array of anti-corruption and financial crime laws, weak implementation, poor coordination among agencies, and political interference have continued to hinder effective prosecution of offenders and the recovery of stolen assets.
“The purpose of this amendment is to make our anti-money laundering laws more responsive to modern realities, strengthen institutional capacity, and ensure that financial crimes do not continue to drain our national resources,” Gagdi stated.
Lawmakers in support of the bill described it as a timely and strategic intervention, especially given Nigeria’s ongoing struggles with illicit financial flows, trade misinvoicing, tax evasion, and the theft of natural resources—challenges that cost the nation billions of dollars annually.
The Speaker, Rt. Hon. Abbas Tajudeen, subsequently referred the bill to the House Committee on Financial Crimes for further legislative action and public hearing.
The proposed amendment is expected to align Nigeria’s anti-money laundering regime with international standards set by the Financial Action Task Force (FATF) and improve the country’s global standing in the fight against corruption and financial crimes.
