ABUJA – The House of Representatives has passed a major amendment to the Money Laundering Act for a second reading, marking a significant step in the nation’s fight against financial crime.
The proposed bill seeks to modernize the 2022 Act by introducing stronger asset recovery tools. A key feature is the establishment of a civil recovery mechanism, which would allow the government to seize assets suspected to be from illicit origins without needing a criminal conviction.
Sponsor of the bill, Hon. Yusuf Gagdi, argued that the current law places a heavy burden of proof on law enforcement. The new model would shift this burden to individuals to explain the source of their wealth if it appears inconsistent with their legal income.
Following a voice vote, the bill was referred to a House Committee for further work and a public hearing before its final reading.
