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The Senate has passed the Money Laundering Act, 2011, Amendment Bill.
The passage of the bill followed the consideration of the report submitted by the Chairman of the Senate Committee on Anti-corruption, Suleiman Kwari.
Kwari stated that the bill provides appropriate penalties as well as expanded the scope for supervisory bodies to effectively address the challenges faced in the implementation of anti-money laundering laws in Nigeria.
The Chairman noted that the bill approves the establishment of the Special Control Unit against Money Laundering, stressing that when established, the Unit would be charged with the effective implementation of the money laundering laws.
