Jonathan Signs Terrorism Prevention And Money Laundering Prohibition Bills Into Law

President Goodluck Ebele Jonathan has signed the Terrorism (Prevention) Bill, 2011 and the Money Laundering (Prohibition) Bill, 2011 into law, according to a statement by Justin Abuah, deputy director of information in the presidency.

Both bills were passed by the Sixth National Assembly and conveyed to President Jonathan for assent on Thursday, June 2, 2011. He signed them on Friday, June 3, 2011.

The new Terrorism (Prevention) Act, 2011 establishes measures for the prevention, prohibition and combating of acts of terrorism and the financing of terrorism in Nigeria.

It also provides for the effective implementation of the Convention on the Prevention and Combating of Terrorism as well as the Convention on the Suppression of the Financing of Terrorism, and prescribes penalties for the violation of its provisions.

The Money Laundering (Prohibition) Act, 2011 repeals the Money Laundering Act, 2004 and makes comprehensive provisions to prohibit the financing of terrorism, and the laundering of the proceeds of crime or illegal acts.

It also expands the scope of supervisory and regulatory authorities so as to address the challenges faced in the implementation of the anti-money laundering regime in Nigeria.