Money laundering amendment bill passed for second reading by house of reps
In a bid to strengthen nation’s anti-corruption framework and improve asset recovery processes, the House of Representatives on Wednesday passed a bill seeking to amend the Money Laundering (Prevention and Prohibition) Act, 2022 for second reading
The bill, sponsored by Hon. Yusuf Gagdi (Kanke/Pankshin/Kanam Federal Constituency, Plateau State), aims to modernize the nation’s anti-graft laws in response to the evolving complexity of financial crimes.
Gagdi, while leading debate on the bill, described money laundering and illicit financial flows as major governance challenges, saying despite existing laws, large volumes of illegal funds continue to circulate through Nigeria’s financial and property sectors using sophisticated schemes.
He also stated that the amendment introduces a civil recovery mechanism, allowing the government to reclaim assets linked to unexplained wealth without requiring a criminal conviction.
“While the current Act focuses on criminal prosecution and forfeiture, it places a heavy evidential burden on law enforcement agencies,” Gagdi said. “The proposed civil model complements this by shifting the burden of proof to individuals in possession of questionable assets.”
He added that similar models in the United Kingdom, Kenya, and South Africa have proven effective in deterring corruption and promoting accountability.
The proposed amendment would: Establish a clear legal framework for civil recovery orders;
Empower anti-graft agencies such as the EFCC to seek ex parte court orders to restrain assets inconsistent with legitimate income; and
Gagdi noted that the reform would promote integrity in both public and private sectors by ensuring citizens live within their lawful means.
After deliberation, the House unanimously passed the bill for second reading following a voice vote by Speaker Tajudeen Abbas. It was subsequently referred to the relevant House Committee for further legislative work and a public hearing before its final reading.
Source: Vanguard newspaper
