The Central Bank of Nigeria (CBN), on Thursday, opposed the enactment of new anti-money laundering laws without required amendments on the existing Money Laundering ( Prevention ) Act 2011.

The apex bank made its position known during a public hearing organised by the Senate Joint Committee on Anti-Corruption and Financial Crimes; Judiciary, Human Rights and Legal Matters as well as Ethics, Privileges and Public Petitions in Abuja.

The public hearing was on three bills: Money Laundering (Prevention and Prohibition) Bill, 2021; Public Complaints Commission (Repeal and Re-enactment) Bill, 2022; and Proceeds of Crimes (Recovery and Management)Bill 2021.

CBN Governor, Mr. Godwin Emefiele, represented by a Director in the bank, Mr Chibuzor Efobi posited that an amendment of the existing Money Laundering (Prevention) Act 2011 would better serve the interest of Nigeria than a repeal and re-enactment.

He reasoned that where the existing Money Laundering (Prevention) Act 2011 is repealed and re-enacted, there would be new legal foundations which have not been assessed.

According to the CBN governor, there is likelihood that the new law will be deficient in other areas not limited to the deficiencies identified in the Mutual Evaluation Report.

“There will be a risk that the international assessment identifies new gaps which would lead to rating downgrades.

”Consequently, the CBN is opposed to the passage of the proposed bills for the repeal and re-enactment of the existing Money Laundering ( Prevention) Act 2011,” he declared.

EFCC chairman, Abdulrasheed Bawa, Malami and other stakeholders also spoke at the public hearing on the three bills.

Secretary of the Economic and Financial Crimes Commission (EFCC), Mr George Ekpungu, who represented the EFCC boss, said the anti-graft agency was opposed to the proposed commission for management of proceeds of crimes.

He said that the bill would amount to duplication of functions between the proposed commission and the EFCC.

However, Deputy Director Legal Drafting from the office of the Attorney-General of the Federation, Mr Godwin Iheabunike, backed the proposed commission for management of proceeds of crimes.

Chairman of the joint committee, Sen. Suleiman Kwari, had in his opening remarks, said the proposed legislations were aimed at strengthening the fight against corruption in Nigeria.