(Ecofin Agency) - In Nigeria, the Senate has passed the bill on mutual assistance in criminal matters between Nigeria and other countries. The passed bill will enable the government to ask any nation were laundered money is stacked to help in the prosecution of the culprits, or even proceed to the prosecuting under its own law. The same is applicable if the money, or any other proof of laundering by a citizen of another country, is hidden in Nigeria.

“This anti-money laundering legislation is a key component of President Muhammadu Buhari’s war on corruption agenda. This act will facilitate the needed cooperation with other states to prevent individuals from escaping prosecution by fleeing to another country,” said Abubakar Bukola Saraki (photo), Senate President, after the bill was passed.

The newly passed bill known as the Money Laundering Act of 2011 (as amended in 2012) aims, besides prohibiting money laundering activities, to expand the scope of money laundering offences, provide protection for employees of various institutions, and provide other penalties, among others.

The bill’s passing is good news as at least $480 billion was stolen from Nigeria by corrupt officials between 1960 and 2004, according to a report published by London-based Chatam House. The document, which is entitled “Collective Action on Corruption in Nigeria, a Social Norms Approach to Connecting Societies and Institutions”, also indicates that between 2005 and 2014, $182 billion was lost through financial illicit flows from the country.