Malami, EFCC, Disagree on Proposed Proceed of Crimes Commission
...As CBN Kicks Against Proposed Money Laundering Laws
Joshua Omoloye, Abuja
The Attorney General of the Federation and Minister of Justice, Abubakar Malami and the Economics Financial Crimes Commission (EFCC) have strongly disagreed on moves by the Senate to establish a Commission for the management of Proceeds of Crimes through a bill titled: Proceeds of Crimes (Recovery and Management) Bill 2021.
At a public hearing organised by the Senate Joint Committees on Anti-Corruption and Financial Crimes, Judiciary, Human Rights and Legal Matters, Ethics, Privileges and Public Petition, Secretary of EFCC, George Ekpungu who represented the anti-graft commission, kicked against the proposal saying that it would amount to proliferation of agencies.
Ekpungu said that the EFCC should be empowered to carry out the functions of the proposed commission.
In a swift response, the Deputy Director Legal Drafting from the office of Attorney-General, Godwin Iheabunike, said the establishment of the Commission was very necessary for tackling the new crime.
Meanwhile, in another development, the Central Bank of Nigeria on Thursday kicked against plan by the Senate to enact new anti-money laundering laws without required amendments on the existing Money Laundering (Prevention) Act 2011.
Divergent positions of agencies of government on the proposed legislation by the Senate came to the fore during a public hearing by the Senate Joint Committees on Anti- Corruption and Financial Crimes, Judiciary, Human Rights and Legal Matters, as well as Ethics, Privileges and Public Petitions, had on two different anti-corruption bills.
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The proposed bills are (i) Money Laundering (Prevention and Prohibition) 2021, (ii) Public Complaints Commission (Repeal and Re-enactment) Bill 2022.
In his submission on the legislative proposals, the CBN Governor, Godwin Emefiele said an amendment of the existing Money Laundering (Prevention) Act 2011, will better serve the interest of Nigeria than a repeal and re-enactment.
Emefiele who was represented by a Director in the Apex bank, Mr Chibuzor Anthony Efobi said: ” Where the existing Money Laundering (Prevention) Act 2011, is repealed and re-enacted, there would be new legal foundations which have not been assessed against the FATF standards”
This, according to him, opens the likelihood that the new law will be deficient in other areas not limited to the deficiencies identified in the Mutual Evaluation Report.
” Additionally, the new law will have to be completely reviewed by the FATF and GIABA for compliance with FATF recommendations.
“There will be a risk that the international assessment identifies new gaps which would lead to rating downgrades.
” Consequently, the CBN is opposed to the passage of the proposed bills for the repeal and re-enactment of the existing Money Laundering (Prevention) Act 2011. We have attached a copy of a proposed amendment to the 2011 Act for your consideration and necessary action”, he stressed.
Earlier in his remarks, the Chairman of the joint committee, Senator Suleiman Abdu Kwari (APC Kaduna North) said the proposed legislation were aimed at strengthening the fight against corruption in the country.
