Banks Now Under Obligation To Report Transaction Above N10m, Bamidele Clarifies
Chairman, Senate Committee on Judiciary, Human Rights and Legal Matters, Senator Opeyemi Bamidele, yesterday disclosed that banks and other financial “are now under obligation to report any transaction above N5 million for an individual and N10 million for corporate organisation.
Bamidele, also Chairman, Southern Senators Forum, defended President Muhammadu Buhari on the fight against terrorism and banditry in the country.
He made these remarks in a statement yesterday, capturing what he said shortly after Buhari signed three bills into law in Abuja on Thursday.
The president had signed into law Terrorism Act (Amendment) Bill 2022; Money Laundering Act (Amendment) Bill 2022 and Proceeds of Crime Bill 2022.
With the new legislations, the senator defended the president on the fight against banditry and terrorism.
Bamidele, currently representing Ekiti Central in the Senate, said the signing of the bills by the president substantiated the fact that he was neither overwhelmed nor abdicating his duties.
Giving insights into the new laws, Bamidele said: “The provisions of the Money Laundering Bill 2022, makes it mandatory for banks and other financial Institutions to report in writing to the Special Control Unit against Money Laundering under the Economic and Financial Crimes Commission, any single transaction or lodgment in excess of N5 million for an individual and N10 million in the case of a corporate body.
“Terrorism Act (Amendment) Bill 2022, which prohibits the payment of ransom to kidnappers in Nigeria was passed by the senate on April 27 while the Proceeds of Crime Bill 2022 was passed by the upper chamber on March 27”
The lawmaker said the prompt signing of the bills into law by the president was commendable, saying that it will strengthen the ongoing fight against terrorism and corruption.
In his capacity as the committee chairman who worked on the bills, Bamidele said it entailed hard work by the National Assembly under the watch of the President of the Senate, Dr Ahmad Lawan and the Speaker of the House of Representatives, Femi Gbajabiamila.
”I want to say that President Muhammadu Buhari has done well by promptly signing these bills into law.
”Looking at the hard work put into these legislations by the National Assembly under the watch of the President of Senate and the Speaker of the House of Representatives as well as the promptness with which the executive arm of government acted under the watch of the president.
”It is obvious to Nigerians as well as the international community that there is certainly a political will to strengthen the fight against terrorism and corruption,” he said.
Bamidele said that the senate had on March 16, passed the Bill to Amend the Money Laundering Act 2011.
