…Goes On Recess
The Terrorism Prevention and Prohibition Act 2022, amendment bill, 2024 has been passed by the Senate.
The amendment is aimed at enhancing the financial sector’s role in preventing and combating illicit financial activities linked to terrorism.
The amendment made in the bill confirms with the Financial Action Task Force (FATF) standard and requirement.
It was explained that new version of the act would prevent the nation from being placed on Financial Action Task Force (FATF’s) list of countries with Strategic deficiencies in their money laundering and counter-terrorism financing regime.
According to the Chairman, Joint Committee on Judiciary, Human Rights and Legal Matters and National Security and Intelligence, Senator Mohammed Monguno presented the committee’s report to the Senate during the plenary.
He was of the opinion that the passage of the bill demonstrate Nigeria’s commitment to enhancing counter terrorism measures, aligning with international standard and improving coordination among relevant stakeholders.
He said: “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.
“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.”
However, the Senate had adjourned plenary to September 17, 2024 for annual recess.
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