May 27, 2016

Mutual Assistance in Criminal Matters Act 2017

Credits -

This Act provides for the repeal of the Money Laundering (Prohibition) Act 2011 as amended in 2012 to make comprehensive provisions to prohibit the laundering of the criminal activities, expand the scope of money laundering offences, provide protection for employees of various institutions, bodies and professions who may discover money laundering, enhance customer due diligence, provide appropriate penalties and expand the scope of supervisory bodies whilst recognising the role of certain self - regulatory organisations " address the challenges faced In the implementation of a comprehensive ant - money laundering regime in Nigeria.

The introduction of the law is of importance to Nigeria’s fight against corruption, there have been numerous scenarios where alleged corrupt individuals escape prosecution in Nigeria to other foreign countries believing they are not within reach of the Nigerian courts and government, therefore enjoying the fruits of their ill-gotten wealth with impunity, however, with the introduction of this legislation, Nigeria may apply to such country where anyone is hiding out to aid in prosecution, such person may even be prosecuted in line with the law of the host country and Nigeria will be glad to furnish such country with evidential support to bag a conviction.

It is no gain saying that the effect of corruption in Nigeria is crippling National development and any efforts of the government to curb this is to be greatly supported by everyone.