The proposed assets forfeiture legislation is titled “A Bill for an Act to make Comprehensive Provisions for the Confiscation, Forfeiture and Management of Properties derived from unlawful activities and for Other Connected Matters.”
Fielding questions during an interview in Abuja, Chairman of the Committee, Nnenna Elendu-Ukeje (PDP, Abia), also appealed to the executive to assent to the Nigerian Financial Intelligence Agency Bill, also known as FATF Bill, as well as the Foreign Assistance in Criminal Matters Bill.
Elemdu-Ukeje explained that the bills, which have already been passed by both chambers of the National Assembly, were long overdue for presidential assent, adding that the proposed legislations would go a long way to pep up the ongoing war against corruption in the country.
Specifically, the FATF Bill seeks to create a separate agency, independent of the Independent Corrupt Practices Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC), with the sole responsibility of tackling money laundering and financial crimes in Nigeria.
The lawmaker said: “As we speak now, those three bills are awaiting assent, and in the midst of that, there should also be the executive commitment to this fight against corruption. On the criminal assets forfeiture bill, for instance, if today we say a person has proceeds of crime, there is no law in place to ensure that the Federal Government takes over the proceeds.
“The FATF law is the international law that tracks stolen funds; we need to sign it into law for us to be able to deal with the movement of money and issues of money laundering.
“As for the proposed law on foreign assistance in criminal matter, it will help us in extradition; it will help us when Nigerian citizens are arrested abroad and we want them to come back home; we need to have that bill immediately signed into law. Aside from the extradition treaties and laws, we must have those laws in place.
“So, I urge Mr President to please sign these into law so that whatever we do in this fight against corruption will have the legal backing that is required for it to be effective.”
