Buhari seeks to create new agency to fight money laundering
By Emmanuel Awosika
President Muhammadu Buhari has sought the approval of the National Assembly to create a new Proceeds of Crime (Recovery and Management) Agency to fight corruption.
He said this in a letter sent to the the House of Representatives which the Speaker, Rep. Femi Gbajabiamila, read to the hearing of house members during Wednesday’s session.
According to the President, the bill seeking the creation of the new agency had been approved by the Federal Executive Council on September 16 before being passed on the National Assembly for approval.
The President recalled denying approval to the same bill after National Assembly passed it 2019, citing concerns identified in the review.
However, Buhari called on the lawmakers to assent to the new bill which could create the Proceeds of Crime (Recovery and Management) Agency, as it would aid recovery and management of stolen funds in the country.
He said, “An important feature of the Bill is the creation of the Proceeds of Crime (Recovery and Management) Agency. The objects of the Agency include the enforcement and administration of the provisions of the Bill and the coordination of the recovery and management of the proceeds and instrumentalities ot unlawful activity in Nigeria in collaboration with anti-corruption and other law enforcement agencies.
“Most importantly, the Agency will ensure that Nigerians can benefit from proceeds of crime by ensuring that once recovery is made. the properties end assets will be secured and that the final forfeitures granted through a court order can be paidinto the Confiscated and Forfeited Account to be domiciled in the Central Bank of Nigeria. These funds will be used for development projects approved by the National Assembly under the annual Appropriation Act and also support the work of the law enforcement and anti-corruption agencies”.
The President also said that the agency would help with increasing the country’s revenue through effective management of seized funds.
“It is my expectation that the House of Representatives, will give the bill expedited hearing and passage into law given the importance of the bill in generating revenue tor the country,” he added.
