By G9ija

THE President , Major General Muhammadu Buhari , (retd . ), has sent an executive bill that would , among others , ensure the management of the funds and property confiscated from criminals .

The proposed legislation titled , ‘ Proceeds of Crime Bill, ’ also seek to address the problem of lack of transparency and accountability associated with the management of recovered funds by anti -corruption agencies in the country .

Buhari , in a letter to the upper chamber on Tuesday , explained that the decision to transmit the bill to the National Assembly for consideration was approved by the Federal Executive Council .

The letter, dated October 6 , 2020 , and read during plenary by the Senate President , Ahmad Lawan , stated that the bill was critical in sustaining the fight against corruption , money laundering and illicit movement of stolen funds through the banking system and across Nigerian borders .

The letter read in part , “ I am pleased to inform the Distinguished Senators that the above mention bill was presented to the Federal Executive Council , in council memo EC (2020 )159 on September 16 , 2020 and was subsequently approved for transmission to the National Assembly .

“ Please recall that this bill was passed by the National Assembly in 2019 but was not granted assent due to some issues that were identified during the review .

“ The Proceeds of Crime Bill is essential and critical in building an enduring and sustainable foundation for the fight against corruption , money laundering and illicit movement of stolen funds through the banking system and across the Nigerian borders .