Senate has expressed its appeal to President Muhammadu Buhari and the executive branch to take stern actions against all financiers of terrorism as well as money launderers in Nigeria.
The senators made the demand when considering two bills, Money Laundering (Prevention and Prohibition) Bill, 2021, and Money Laundering (Prevention and Prohibition) (Repeal & Re-enactment) Bill, 2021.
Both bills are sponsored by Senator Suleiman Umar (APC, Kwara North) and Suleiman Abdu Kwari (APC, Kaduna North) respectively.
“Mr. President, my distinguished colleagues, many public servants who are entrusted with managing public funds for the benefit of the larger society are often accused of creating phantom companies, over-pricing of contracts, use of fronts to pay for contracts not executed or poorly executed while others have been accused of carting away huge sums of public funds and stashing it in foreign bank accounts,” Senator Umar said.
“It is against this background that successive administrations paid attention to the prevention, prohibition, and punishment of money launderers,”
Senator Smart Adeyemi (APC, Kogi West) added that the Buhari administration has combatted corruption more than previous administrations.
“There is no doubt that this government, more than any government in the history of our country, has taken the crusade against money laundering and corruption as a task that must be achieved,” Senator Adeyemi said.
“In seconding this bill, Mr. President, I want to say we must equally look at how we can enlarge the net of exposing and arresting those who have siphoned money out of this country.”
The committee, chaired by Senator Suleiman Abdu Kwari, was given four weeks to report back to the upper chamber.
