Money Laundering Amendment Bill Scales Second Reading in House of Reps!

Money Laundering Amendment Bill Scales Second Reading in House of Reps!

Reported by Marian Opeyemi Fasesan | Sele Media Africa

The House of Representatives on Wednesday passed for second reading a bill seeking to amend the Money Laundering (Prevention and Prohibition) Act, 2022.

What We Know:

• The amendment aims to tighten loopholes, enhance inter-agency cooperation, and improve asset tracing and recovery.
• Lawmakers emphasised the need for Nigeria to meet international compliance standards, especially from FATF and GIABA.
• The bill proposes stiffer penalties, wider reporting obligations, and expanded powers for anti-graft agencies like EFCC and ICPC.

Why It Matters:

• Money laundering undermines Nigeria’s economy and fuels insecurity through illicit financial flows.
• The amendment supports broader anti-corruption efforts of the current administration.
• It may improve Nigeria’s global financial credibility and ease of doing business rankings.

What to Watch:

• Committee-level scrutiny and possible public hearings.
• Reactions from banks, real estate operators, and legal experts on compliance burden.
• Progress of the bill in the Senate and eventual harmonisation.

Sources:

1. House Order Paper – Oct. 30, 2025
2. Anti-Corruption and Financial Crimes Committee Brief
3. National Assembly Legislative Digest

About The Author

Marian Opeyemi Fasesan

editor

Marian Opeyemi Fasesan is a dynamic journalist and editorial leader committed to excellence in news reporting and storytelling. As the Editor-in-Chief of Sele Media Africa, she ensures daily operations run smoothly while upholding the highest editorial standards. With a strong eye for detail and deep understanding of audience engagement, Marian coordinates content across platforms, guiding teams to produce compelling, timely, and credible news. Her leadership reflects the heart of Sele Media Africa’s mission—to inform, inspire, and elevate voices across the continent.

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