The Proceeds of Crime (Recovery and Management) Law (POCA), 2022, was announced by the federal government on Wednesday. It will enable the recovery of approximately N120 billion among other funds.
Alhaji Lai Mohammed, the Minister of Information and Culture, said this in Abuja at the eighth installment of the President Muhammadu Buhari (PMB) Administration Scorecard series (2015-2023).
In order to highlight and record the accomplishments of the Buhari administration, a series was started in October.
Mohammed Abdullahi, the minister of the environment, was featured inthe edition.
Mohammed said the Buhari administration’s campaign against corruption was very much on track in his inaugural statement.
He added that in May, the President signed three bills into law to strengthen the nation’s anti-money laundering and counter-terrorist financing framework, including the Proceeds of Crime (Recovery and Management) Bill.
“In line with the new law, all relevant agencies of government have now opened ‘Confiscated and Forfeiture Properties Account with the Central Bank of Nigeria.
“The money is being used to fund the completion of ongoing critical infrastructure projects in the country like the Second Niger Bridge as well as Lagos-Ibadan and Abuja-Kano Expressways,” he said.
The two other bills signed into law by the President in May were the Money Laundering (Prevention and Prohibition) Bill, 2022, the Terrorism (Prevention and Prohibition) Bill.
The president said that they were in line with his administration’s commitment to combating corruption and illegal financing activities as he signed the measures in the State House’s Council Chamber.
The President had stated that the inadequacies of all the abolished Acts had affected legal actions against offenders while the new laws provided sufficient punitive measures and containment methods against abuses and compromises.
In order to ensure that Nigeria implements effective measures to counter the threat of money laundering, terrorism, and terrorism financing, he congratulated the members of the National Assembly for their persistence, courage, and dedication.