Money laundering: A nation toying with sanctions

NEGATIVE consequences await Nigeria if the Anti-Money Laundering Bill is not passed into law before November when the plenary session of the FATF (Financial Action Task Force) is expected to hold. BUKKY OLAJIDE examines why a new professional bill that has been prepared by the relevant law enforcement agency is still not signed despite the known sanctions and consequences.
NIGERIA may have a reputation of doing its own things the way it feels. But there are some areas it does not have a choice other than to comply with the existing norms.
These norms are not local but are part of the efforts of making the world a safer and better place as much as we can, therefore there is what is referred to as International Best Practices.
Since Nigeria is part of a global village, refusal to operate in line with the international best practice when it comes to the issue of money laundering will make it to be classified under NCCT (Non Cooperative Countries and Terrorists).
The country took some steps against money laundering which led to the Money Laundering Prohibition Act of 2004. But then, the Financial Action Task Force (FATF) noticed some deficiencies and weaknesses during its Mutual Evaluation Report on Nigeria.
The FATF is an inter-governmental body whose purpose is the development and promotion of national an international policies.
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