The Central Bank of Nigeria (CBN) has rejected Senate’s plan to pass a new anti-money laundering legislation without amending the existing Money Laundering (Prevention) Act 2011.

This was disclosed by the Governor of the Central Bank of Nigeria, Godwin Emefiele, during his input on the legislative suggestions that an adjustment to the existing Money Laundering (Prevention) Act 2011 would better serve Nigerians’ interests than repeal and re-enactment.

According to the report, 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 2022