…adjourn plenary to September 17th
The Senate on Tuesday passed the Terrorism prevention and prohibition act 2022, amendment bill, 2024 to enhance the financial sector’s role in preventing and combating illicit financial activities linked to terrorism.
This is coming on the heels of the Senate adjournment of plenary to 17th September for annual recess.
The amendment is in conformity with the Financial Action Task Force (FATF) standard and requirement.
This will help the country to avoid being placed on Financial Action Task Force (FATF’s) list of countries with Strategic deficiencies in their money laundering and counter-terrorism financing regime.
The Chairman of the Joint Committee on Judiciary, Human Rights and Legal matters and National Security and Intelligence, Senator Mohammed Monguno who presented the committee report to the Senate in plenary said the passed will demonstrate Nigeria’s commitment to enhancing counter terrorism measures, aligning with international standard and improving coordination among relevant stakeholders.
“The amendment is done in conformity with the requirements of financial Action Task Force (FATF), this will help in improving the country’s international reputation and attract foreign investment.
“It will no doubt enhance the designation process for individuals, organizations or entities involved in acts of terrorism or terrorism financing, thus providing clarity in the implementation of targeted financial sanctions,” he said.
The Joint Committee observed that the passes bill is the standard set by the Financial Action Task Force (FATF). as an international organization that sets standards and promote effective measures to combat Money Laundering, Terrorist Financing and other illicit activities.
Monguno said these standards are of utmost importance in ensuring global financial integrity and security.
“They also serve as a framework for countries to implement robust anti-money laundering and Counter Terrorism financing without alteration. By so doing, we (Nigeria) demonstrate not only our commitment to preventing illicit activities and protecting the global financial system but also our leadership in promoting
international cooperation and best practice,” he said.
