The second reading of a bill seeking the creation of an agency to manage proceeds of crime has been successfully passed.
Recall that the federal executive council in September 2020 had approved the creation of the agency, after which Abubakar Malami, attorney-general of the federation, was directed to send the bill titled “Proceeds of Crime Recovery and Management Agency”, to the national assembly.
The proposed legislation will establish an agency that will managed the assets recovered by law enforcement agencies.
Leading a debate on the bill on Tuesday, Yahaya Abdullahi, senator representing Kebbi north, noted that the international Financial Action Task Force (FATF) observed that the recovery and management of stolen assets in Nigeria is “inadequate and does not comply with international standards”.
The FATF is a global organisation that sets standards for countries to prevent money laundering and terrorism financing.
Abdullahi said the bill is necessary because recovered assets were being “misused, stolen or lost”.
“Due to the lack of a centrally managed database on recovered assets, it is difficult to track and maintain the actual number of the seized assets, their location and their value,” he said.
“There have been reported and verifiable instances over the years that showed that some recovered assets were being misused, stolen or lost.
“Further investigations have shown that some of the agencies opened multiple accounts for the payment of forfeited assets without keeping proper records.”
The senate majority leader said until the the country passed the law, Nigeria isn’t working in line with FATF obligations.
“The exigency of Nigeria having in place this all important piece of legislation cannot be overemphasised, as Nigeria to date is still deficient in meeting this outstanding obligation under Recommendation 4 on Confiscation and Provisional Measures of the FATF Recommendations adopted by the FATF Plenary in February, 2012 and updated in June 2019,” he said.
The bill passed second reading after it was put to a voice vote by Senate President Ahmad Lawan.