Jun.23, 2010

Abuja — PRESIDENT Goodluck Jonathan has asked the Senate to expedite action on the passage of the Anti-Money Laundering and Anti- Terrorism bills before it in order to avoid sanctions from the Financial Action Task Force, FATF.

President Jonathan in a letter to the Senate which was read on the floor yesterday by Senate President, Senator David Mark said failure of the Senate to pass the two bills before June 30th 2010 will slow down the fight against corruption, terrorism and economic development.

He said the bills were submitted to the Senate in 2009 following observations by FATF that Nigeria lacks comprehensive anti-terrorism law and the absence of standard provisions in the current anti-money laundering law.

The letter reads: "I write to draw your kind attention to two executive bills: the Anti-Terrorism and the Anti-Money Laundering Bills, both of which were presented to the Senate of the Federal Republic of Nigeria in 2009 and still awaiting consideration and passage.

"Your Excellency is please invited to note the grave economic and political consequences of Nigeria being blacklisted again by the Financial Action Task Force if we fail to address the identified deficiencies."