Falana also revealed that he has some serious objections to various provisions and sections of the bill.

Human rights lawyer, Femi Falana
has said the new money
laundering bill will weaken
President Buhari’s anti-corruption
fight.
The lawyer also revealed that he has some
serious objections to various provisions and
sections of the bill.
Falana said “Instead of addressing the
challenges encountered in dealing with the
menace of money laundering, the federal
government has submitted the Money
Laundering (Prevention and Prohibition) Bill,
2016.
“In view of the serious objections to certain
provisions of the proposed Bill by the EFCC,
the National Assembly is urged to conduct a
public hearing with a view to ensuring that the
limited success recorded in the fight against
money laundering is not sacrificed on account
of expediency.”
The money laundering bill stipulates that
financial and non-financial institutions found
guilty of the crime, will pay N25m and N10m
respectively.
It also states that anybody found guilty of
money laundering will serve a jail term of not
less than seven years.
Vanguard reports that the bill describes
someone who has committed money
laundering as “a person who knows, ought
reasonably 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.’’
Femi Falana also said courts are not
supposed to grant bail » to looters of public
funds.

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