PRESIDENT BUHARI FILES NEW MONEY LAUNDRY BILL

-        -   President Muhammadu Buhari’s proposed Money Laundering Prevention and Prohibition Bill 2016; stipulates that upon conviction, one can earn a jail term of not less than seven years without an option of fine.

-         -  Stipulates a fine of not less than N25  for financial institutions, while non- financial businesses will be liable to a fine of not less than N10 million if found guilty

-        -   The bill also proposes a-three-year imprisonment term or above for anybody who failed to report persons involved in the illicit act.

-          - It would be recalled that President Buhari had last month presented the bill to the senate pending the ascension into law.

            CULLED FROM VANGUARD