The Federal Government on Wednesday approved the establishment of “ The Proceeds of Crime Recovery and Management Agency, to join the growing list of anti graft agencies established by the government.
The government had in efforts to tackle corruption, established the Economic and Financial Crime Commission EFCC Act of 2004, the Independent Corrupt Practices & Other Related Offences Act 2000, the Advance Fee Fraud and Other Related Offences Act 2006 and the Money Laundering (Prohibition) (Amendment) Act 2012.
Others include the Miscellaneous Offences Act, Code of Conduct Act, the Nigerian Extractive Industries Transparency Initiative Act, the Freedom of Information Act 2011, the Fiscal Responsibilities Act 2010, as well as the Penal Code Laws of Federation of Nigeria 2004.
The government also promulgated the Criminal Code Law of Federation of Nigeria 2004, the Banks and Other Financial Institutions (Amendment) Act 1991 and the Failed Banks (Recovery of Debts) and Financial Malpractices in Banks (Amendment) Act 1994.
At the virtual meeting of the Federal Executive Council FEC presided over by President Muhammadu Buhari at the presidential villa, Abuja, the Council approved the transmission of a bill named “Proceeds of Crime Recovery and Management Agency Bill,” to the National Assembly.
Minister of Justice and Attorney General of the Federation, Abubakar Malami, explained that the agency is necessary to mange assets that constitute proceeds of crimes as he pointed out that previous proceeds of crime are scattered in different and multiple agencies.
“The Federal Ministry of Justice presented to Council a memo today. The Council memo is about a Bill which will seeks the approval of the Council to transmit to the National Assembly for passage. It is Proceeds of Crime Recovery and management Agency Bill.