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Anti-Money Laundering Bill: Buhari Reaffirms Fight Against Corruption

President Muhammadu Buhari has signed the anti-laundering bill with two others

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AML Anti-money laundering

Reaffirming his commitment to fighting corruption in Nigeria, President Muhammadu Buhari has signed the anti-laundering bill with two others.

Buhari on Thursday assented to the bills at the Council Chamber, Abuja. The signed bills are the Money Laundering (Prevention and Prohibition) Bill, 2022; the Terrorism (Prevention and Prohibition) Bill, 2022; and the Proceeds of Crime (Recovery and Management) Bill, 2022.

The president said the signed bills aligned with his commitment to fighting against corruption and illegal financial activities to achieve good governance and development in Nigeria.

According to Buhari, the provision of the laws cover all the measures and strategies that can curb “abuses and compromises.”

“We will not rest until we rid the nation of the menace of money laundering, terrorism, and other financial crimes.”

Buhari stated that the “signing of these Bills into law today strengthens the Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) framework.

“It also addresses the deficiencies identified in Nigeria’s 2nd round of Mutual Evaluation as assessed by Inter-Governmental Action Group Against Money Laundering in West Africa on compliance with the Financial Action Task Force global standards.”

Buhari said the repeal of the Money Laundering (Prohibition) Act, 2011 as amended and the enactment of the Money Laundering (Prevention and Prohibition) Act, 2022 also provide a comprehensive legal and institutional framework for the prevention and prohibition of money laundering in Nigeria.

“It confers the Economic and Financial Crimes Commission (EFCC), the legal status of the unique control unit against money laundering,” he added.

Proceeds of Crime (Recovery and Management) Act, 2022 law includes the seizure, confiscation, forfeiture, and management of properties derived from unlawful activity.

“I have therefore taken time to note the emphasis placed on collaboration, synergy, and unification of strategies and measures to combat the scourge of Money Laundering and terrorism financing and proliferation financing in the Act,” he said.

Saying the new law allows the creation of specific accounts for the proceeds of crime and other confiscated assets to promote financial accountability.

“The primary objectives of these measures are to ensure an effective, unified, and comprehensive legal, regulatory and institutional framework for the implementation of the Acts.

“This is profound and calls for coordinated responses to the challenges posed by the menace.

“I, therefore, charge all relevant agencies to ensure effective implementation of these new laws.

“The robust frameworks diligently enshrined in the Acts can only serve useful purposes when every bit of them is enforced.”

He added that the bills, signed into law, represented not just legislative instruments but very significant governmental actions projecting courage, determination, and sincerity in tackling the menace of money laundering, terrorism, and other financial crimes.

While commending the National Assembly for its tenacity, courage, and commitment, president Buhari said the two chambers “have certainly carved out a worthy legacy for themselves.”

“The bills are a clear demonstration of government functioning at its best with coordination, collaboration, and execution, all towards a common goal,”

 

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Insurance

Heirs Insurance Group Unveils Revolutionary Website for Seamless Insurance Experience

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Heirs Life Assurance- Investors King

Heirs Insurance Group has launched a website designed to revolutionize the insurance experience for its customers.

With a focus on simplicity, accessibility, and personalized service, the new website aims to streamline the process of obtaining insurance coverage and empower customers to make informed decisions about their insurance needs.

The website boasts a range of innovative features that make navigating insurance options easier than ever before.

From simple and intuitive navigation menus to personalized insurance recommendations, the website is designed to guide customers through every step of the insurance process quickly and efficiently.

According to Ifesinachi Okpagu, the Chief Marketing Officer of Heirs Insurance Group, the new website embodies the company’s commitment to delivering exceptional customer service.

“Today’s customers want simplicity, and this new website delivers on that request,” Okpagu said. “We are empowering customers to take control of their lives, their businesses, assets, and their most cherished people.”

One of the key features of the website is its personalized insurance experience, which takes customers through a short journey to help them identify the best insurance plan for their needs.

Whether customers are looking for coverage for their home, car, business, or loved ones, the website provides tailored recommendations to ensure they find the right insurance solution quickly and easily.

With its user-friendly interface and innovative features, the new website from Heirs Insurance Group sets a new standard for the insurance industry, making it easier than ever for customers to protect what matters most to them.

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Banking Sector

Safaricom, Access Holdings Forge Partnership to Revolutionize Remittance Corridor in Africa

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Access bank

Safaricom, the leading telecommunications company in Kenya, has entered into a strategic partnership with Access Holdings, spearheaded by Aigboje Aig-Imoukhuede.

The collaboration aims to revolutionize the remittance corridor between East and West Africa, marking a significant step towards enhancing financial inclusion and empowering millions of individuals across the continent.

The partnership comes on the heels of Access Holdings’ recent acquisition of the National Bank of Kenya Limited, signaling the company’s ambitious expansion into the East African market.

Leveraging Safaricom’s extensive network and expertise in mobile money through M-Pesa, which currently dominates the mobile money market in Kenya, the alliance seeks to create seamless and efficient channels for remittance transactions.

Aigboje Aig-Imoukhuede, the driving force behind Access Holdings, expressed enthusiasm about the collaboration, highlighting its potential to transcend traditional boundaries and foster greater economic connectivity between East and West Africa.

He highlighted the fusion of collective expertise and resources between the two entities, underlining their shared commitment to driving financial inclusion and empowerment across the continent.

The partnership holds promise for addressing the challenges faced by millions of Africans in accessing affordable and reliable remittance services.

By connecting more than 60 million customers and 5 million businesses across eight countries, the collaboration aims to facilitate over $1 billion in daily transaction value, significantly boosting the flow of remittances within and outside Africa.

With the first phase of the collaboration focusing on key markets such as Nigeria, Kenya, Ghana, and Tanzania, stakeholders anticipate a transformative impact on the remittance landscape, paving the way for greater intracontinental trade and economic integration in line with the objectives of initiatives like the African Continental Free Trade Area (AfCFTA).

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Banking Sector

EFCC Urged to Repatriate Recoveries to NDIC for Depositors’ Relief

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The Nigeria Deposit Insurance Corporation (NDIC) has made a fervent plea to the Economic and Financial Crimes Commission (EFCC) to expedite the repatriation of recovered funds to its coffers to facilitate the timely reimbursement of depositors affected by bank failures.

During a recent meeting between the Managing Director of NDIC, Bello Hassan, and the Executive Chairman of the EFCC, Ola Olukoyede, at the NDIC headquarters in Abuja, Hassan stressed the importance of enhanced collaboration between the two agencies in recovering depositors’ funds lost due to bank failures.

Hassan emphasized that the return of recoveries made by the EFCC on behalf of the NDIC would significantly contribute to the prompt reimbursement of affected depositors.

He commended the EFCC for its unwavering efforts in combating corruption and financial crimes, highlighting its crucial role as a key member of the Taskforce on Implementation of the Failed Banks Act chaired by the NDIC.

The NDIC boss also highlighted the existing partnership between the two organizations, which led to the establishment of the NDIC Help Desk at the EFCC in 2022.

He disclosed that several high-profile cases referred to the EFCC were currently under investigation.

In response, Olukoyede reiterated the EFCC’s commitment to collaborating closely with the NDIC to combat financial crimes and safeguard the integrity of the Nigerian banking sector.

He pledged to intensify efforts to repatriate recovered funds promptly, acknowledging the interconnectedness between criminal activities and bank failures.

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