Friday, August 13, 2010

http://www.sunnewsonline.com/webpages/news/national/2010/aug/13/national-08-13-2010-007.htm

In spite of an appeal by President Goodluck Jonathan for quick passage of the anti-terrorism and money laundering bills by the National Assembly, the House of Representatives yesterday suspended the two bills.

Jonathan had on two occasions begged the lawmakers to pass the two bills so that Nigeria might be delisted from the list of complying countries by United Nations Agencies.

The president had written the Speaker, Mr Dimeji Bankole pleading with the House to expedite action on the passage of the bills to enable Nigeria meet up with the requirements of the Financial Action Task Force (FATF) and the international community.

But when the House resumed consideration of the report on the bill presented by the Chairman of its Committee on Drugs, Narcotics and Financial Crimes, Alhaji Rabe Nasir, members disagreed on several of the clauses in the bill. Mr Igo Aguma from Rivers State argued against the bill, which stipulates that the minimum cash transaction should be N500,000 for individual and N1million for corporate bodies.

He stated that because Nigeria runs a cash economy, the amount should be N5 million for an individual and N10 million for corporate organisations. The Deputy Speaker, Usman Bayero Nafada who presided over the plenary had to rule for the bill to be stood down “to find a suitable time to consider it.” Nasir had pleaded that, “as we are about to take decision on this issue, I want to plead that this law is very important.”

However, members voted against the provision that any transaction by individuals to the tune of N5 million and N10 million for corporate entities respectively with any bank be reported to the Nigeria Financial Intelligence Unit (NFIU).

The two bills titled, “A bill for an Act to provide for measures to combat terrorism and for related matters and a bill for an Act to repeal the money laundering (Prohibition Act 2004) and enact the money laundering (prohibition) bill for related matters.” The president has said, “Kindly consider the quick passage of the Anti-Terrorism and the Anti-Money Laundering (Prohibition) Amendment Bills, which were presented to the House of Representatives of the Federal Republic in 2009, to enable Nigeria fulfil its commitment to the Financial Action Task Force (FATF) and the international community.

“Mr. Speaker may wish to note that every provision in the draft bills presented to the National Assembly is consistent and in compliance with global instruments, which Nigeria has signed and ratified.

International standards require all member-states to model their domestic legislation in consonance with global best practices.”