National Assembly Transmits Proceeds of Crime Bill to Buhari – TheNigerialawyer

The Proceeds of Crime Bill designed to further boost Nigeria’s
anti-corruption drive has been transmitted to President Muhammadu
Buhari by the National Assembly for assent.

The Chairman, House of Representatives Committee on Financial
Crimes, Hon. Kayode Oladele, who made this known Tuesday during a
chat with journalists, said the bill was transmitted on Monday.

The Proceeds of Crime Bill, 2017, is a 12-part bill with
comprehensive provisions for the confiscation, forfeiture and
management of property derived from unlawful activities.

Expressing optimism that if passed into law, the bill will
strengthen Nigeria’s quest to eradicate corruption, Oladele said:
“This important Bill, among other things, seeks to provide a legal
and institutional framework for the recovery and management of
proceeds of crime or benefits derived from unlawful activities as
well as harmonise and consolidate existing legislations on the
recovery of proceeds of crime and related matters in the
country.

“Even though we have in existence extant laws such as the
Economic and Financial Crimes Commission (Establishment) Act, 2004,
the National Drug Law Enforcement Agency Act, 2004, the Independent
Corrupt Practices and other Related Offences Act, 2000, the
National Agency for the Prohibition of Trafficking in Persons Act,
2003, Code of Conduct Bureau and Tribunal Act, 2004, Recovery of
Public Property Act (Special Provisions) Act, Failed Banks
(Recovery of Debts) and Financial Malpractices in Banks Act and
some other penal laws on asset recovery in the country, there is no
legal and institutional framework in place to handle civil
forfeiture.

“The absence of civil forfeiture law in the country makes
mockery of the fight against corruption, as criminals in the
country are not deterred because of the realisation that they will
not be denied the benefit of their loot, whether they are caught or
not. This proposed legislation, is targeted at addressing this
obvious lacuna in our law.”

He is hopeful that if passed, the bill will among other things,
reverse the ugly trend associated with non-recovery of looted
funds, consolidate the legal framework regarding forfeiture in the
country and ensure the confiscation and civil recovery of proceeds
of crime as well as facilitate the repatriation of stolen funds
from abroad.

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