NEW MONEY LAUNDERING BILL: Offenders to face a 7-year prison term without option of fine

IF the Money Laundering Prevention and Prohibition Bill 2016 presented
to Senate by President Muhammadu Buhari sails through, it prescribes
stiff penalty for anybody found culpable of the offence and upon
conviction shall be an imprisonment for a term of not less than seven
years without an option of fine.According to the bill, any financial
institution found guilty will have a fine of not less than N25
million, while non- financial businesses will be liable to a fine of
not less than N10 million.The bill defines any perpetrator of the
crime as "a person who knows, oughtreasonably to have known or
suspects that property has a criminal origin, commits an offence if he
conceals, disguises, converts, transfers or removes the property from
Nigeria.''The proposed bill also stipulated three years imprisonment
or above for anybody who failed to reportpersons involved in the
illicitact.It would be recalled that President Muhammadu Buhari had
last month presented an executive bill for an Act to repeal the Money
Laundering( Prohibition) Act, 2011( As Amended) and enact the money
laundering( Prevention and prohibition) Act to provide for measures
for the prevention and prohibition of money laundering in Nigeria and
for other related matters.