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Reps Block Jonathan's Anti-Money Laundering Bill

Source: pointblanknews.com

In a curious move and a speculated attempt to encourage graft among its members, The House of Representatives today indefinitely suspended consideration on the anti-money laundering bill. The bill Was sponsored by President Goodluck Jonathan

The part of the bill that gives both the senate and the House serious worry is the section that requires individuals doing deals above N5 million with banks, to report such to the Nigeria Financial Intelligence Unit (NFIU). It requires corporate entities to report transactions above N10 million.

The House made attempts to discuss the bill, which is fashioned after the international framework against corruption, but dumped it when members sought to limit some of its provisions.

The bill, which had gone through two readings and committee considerations, awaits a final plenary approval and third and final passage.

The Deputy Speaker, Usman Nafada, said the consideration will now be carried out on a “suitable date”, two days after the Senate also voted to debate the legislation on a further date.

The lawmakers' decision came after receiving a fresh communication from Mr Jonathan, advising them against tampering with certain provisions of the proposal, and for a speedy delivery of the two bills which had already failed to meet an earlier June 30, 2010, deadline.

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He said the Financial Action Task Force (FATF) requires all member-states to model their domestic legislation in consonance with global best practices. Mr Jonathan said another meeting of the international body in September 2010, would welcome the delivery of the bill.