New Money Laundering Bill Proposes 7-Year Prison Term Without Option of Fine for Looters
Those
found guilty of money laundering are about to get stiffer punitive
measures taken against them as the money laundering act sets to sail
through the senate.
The Nigerian Senate
Stiff penalty will be prescribed for
anybody found culpable of the offence if the Money Laundering Prevention
and Prohibition Bill 2016 presented to Senate by President Muhammadu
Buhari sails through. Upon conviction, offenders shall face imprisonment
for a term of not less than seven years without an option of fine.
According to the bill, any financial institution found guilty will
have a fine of not less than N25 million, while non- financial
businesses will be liable to a fine of not less than N10 million.
The bill defines any perpetrator of the crime as “a person who
knows, ought reasonably to have known or suspects that property has a
criminal origin, commits an offence if he conceals, disguises, converts,
transfers or removes the property from Nigeria.’’
The proposed bill also stipulated three years imprisonment or above
for anybody who failed to report persons involved in the illicit act.
It would be recalled that President Muhammadu Buhari had last month
presented an executive bill for an Act to repeal the Money Laundering(
Prohibition) Act, 2011 (As Amended) and enact the money laundering(
Prevention and prohibition) Act to provide for measures for the
prevention and prohibition of money laundering in Nigeria and for other
related matters.
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