The Chairman of the House of Representatives Committee on Financial Crimes, Hon. Ginger Obinna Onwusibe, has presented three major committee reports before the House, seeking to strengthen Nigeria’s legal and institutional framework for combating money laundering, asset-related crimes, and other economic offences.
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Onwusibe, who represents Isiala Ngwa North/Isiala Ngwa South Federal Constituency of Abia State, secured the leave of the House to lay the reports for legislative consideration during plenary on Tuesday.
The reports include proposed amendments to the Proceeds of Crime (Recovery and Management) Act, the Money Laundering (Prevention and Prohibition) Act, 2022, as well as a bill seeking to establish the Economic and Financial Crimes Commission (EFCC) Institute.
According to the committee, the amendment to the Proceeds of Crime (Recovery and Management) Act is aimed at strengthening the recovery, management, and accountability of assets acquired through criminal activities.
The proposed amendment to the Money Laundering (Prevention and Prohibition) Act, 2022, seeks to reinforce Nigeria’s legal framework for preventing, detecting, and prosecuting money laundering in line with international best practices.
The committee also proposed the establishment of the EFCC Institute, which is expected to serve as a centre for specialised training, research, policy development, and strategic collaboration in the prevention, detection, investigation, and prosecution of economic and financial crimes.
The presentation of the reports marks another important stage in the legislative process, as the bills will now undergo further debate and consideration by the House before progressing to the next phases of lawmaking.
If enacted, the proposed legislation is expected to strengthen government agencies’ capacity to recover and effectively manage proceeds of crime, tighten Nigeria’s anti-money laundering regime, and create a dedicated institution for capacity building and innovation in the fight against corruption and financial crimes.
