Buhari says the deficiencies in the country's Anti-Money Laundering/Combating the Financing of Terrorism regime make it imperative for the passage of both bills.
President Muhammadu Buhari has transmitted Money Laundering and Terrorism Prevention bills to the National Assembly for consideration and passage.
The amended Act makes it mandatory for banks and other financial institutions to report any single transaction or lodgment in excess of N5 million for an individual, and N10 million in the case of a corporate body.
The president warned that the non-passage of both bills poses a risk that may lead to the eventual blacklisting of Nigeria by the Financial Action Task Force.