President Muhammadu Buhari of Nigeria is seeking a
seven year jail term without an option of fine for money launderers, and
also proposing N25 million fine for financial institutions that
contravene the new Money Laundering Bill currently before the National
Assembly.
In the proposed law, the President is also seeking a minimum fine of N10 million
to financial institutions that fail to report cash transactions to the
Nigeria Financial Intelligence Centre with any customer exceeding a
prescribed amount.
Buhari, who had vowed to deal with those
who had looted the treasury in the past and get them refund such funds,
last week sought stiffer laws to fight corruption in the country in two
separate bills he sent to the Nigerian Senate, specially seeking
stiffer sanctions for corrupt cases.
The two bills: and Mutual Legal
Assistance in Criminal Matters Bill 2016 were read on the floor of the
upper chamber by Senate President Bukola Saraki yesterday. In one of the
bills- Money Laundering Prevention and Prohibition Bill 2016, the
President is also seeking a minimum 12 months imprisonment or a fine of
not less than N1million to an officer of a financial institution that
fails to report cash transactions to the Nigeria Financial Intelligence
Centre with any customer exceeding a prescribed amount.
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