Home Business SENATE PASSES MONEY LAUNDERING AMMENDMENT BILL.

SENATE PASSES MONEY LAUNDERING AMMENDMENT BILL.

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The Senate has passed a bill to amend the Money Laundering Act Twenty Eleven.

The passage of the bill tagged, Money Laundering (Prevention and Prohibition) Act Twenty Twenty Two, followed the consideration of a report by the Committee on Anti-Corruption and Financial Crimes.

The provisions of the bill in Section Twelve prohibits the opening of numbered or anonymous accounts in fictitious names and shell banks.

Chairman of the Committee, Suleiman Abdu Kwari, in his presentation, said the bill seeks to repeal the institutional and legal framework on money laundering prohibition in Nigeria.

Suleiman Abdu Kwari said the bill would resolve institutional issues regarding the establishment of the Special Control Unit against Money Laundering under the Federal Ministry of Trade and Investment, being implemented by the Economic and Financial Crimes Commission.

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