Falana also revealed that he has some serious objections to various provisions and sections of the bill.
The lawyer also revealed that he has some serious objections to various provisions and sections of the bill.
Falana said “Instead of addressing the challenges encountered in dealing with the menace of money laundering, the federal government has submitted the Money Laundering (Prevention and Prohibition) Bill, 2016.
“In view of the serious objections to certain provisions of the proposed Bill by the EFCC, the National Assembly is urged to conduct a public hearing with a view to ensuring that the limited success recorded in the fight against money laundering is not sacrificed on account of expediency.”
The money laundering bill stipulates that financial and non-financial institutions found guilty of the crime, will pay N25m and N10m respectively.
It also states that anybody found guilty of money laundering will serve a jail term of not less than seven years.
Vanguard reports that the bill describes someone who has committed money laundering as “a person who knows, ought reasonably to have known or suspects that property has a criminal origin, commits an offence if he conceals, disguises, converts, transfers or removes the property from Nigeria.’’
Femi Falana also said courts are not supposed to grant bail to looters of public funds.