The Central Bank of Nigeria (CBN) has on Thursday rejected the plans of the Senate to enact a new anti-money laundering law.
CBN rejected the move during a public hearing by a Senate Joint Committee – anti-corruption, financial crimes, judiciary and human rights – on three different anti-corruption bills.
The bills include the Money Laundering (Prevention and Prohibition) 2021, Public Complaints Commission (Repeal and Re-Enactment) bill 2022 and Proceeds of Crimes (Recovery and Management) Bill 2021.
In his submission on the legislative proposals, the CBN Governor, Mr Godwin Emefiele, who was represented by a CBN Director, said an amendment of the existing Money Laundering (Prevention) Act 2011 will better serve the interest of Nigerians than repeal and re-enactment.
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