The Nigerian Senate has received the Money Laundering Bill and Terrorism Prevention Bill transmitted by President Muhammadu Buhari for expeditious consideration and passage.
The bills were accompanied with a letter read at the start of plenary on Thursday by the Senate President, Ahamad Lawan.
President Buhari, in a letter said the request for the passage of both bills was pursuant to the provisions of Section 58(2) of the 1999 Constitution as amended.
He explained that the deficiencies in the country’s Anti-Money Laundering/Combating the Financing of Terrorism regime (AML/CFT), makes it imperative for the passage of both bills.
Buhari warned that the non-passage of both bills poses a risk that may lead to the eventual blacklisting of Nigeria by the Financial Action Task Force (FATF).