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legislation

This week, Nigerian President Muhammadu Buhari has signed three Bills, bring them into law. Bucking the global trend to try to incorporate multiple aspects of financial crime law into a single piece of legislation, the new Acts are the Money Laundering (Prevention and Prohibition) Act, 2022, the Terrorism (Prevention and Prohibition) Act, 2022, and the Proceeds of Crime (Recovery and Management) Act, 2022. But the word of the day is "irony."

The European Union (Exit) Act, as originally drawn, defined exit day as "such day as a Minister of the Crown may be regulations appoint" but that was later amended. But even now, it's not as fixed as it appears.

Perhaps the most important question arising out of the whole withdrawal issue is this. What status will EU law have, in the UK, after Exit Day?

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BIScom Subsection: 

New legislation introduced into New Zealand's parliament yesterday will plug some surprising holes in the country's counter-money laundering laws. But it's important to recognise that New Zealand has some special problems that, in essence, mean that this developed economy should be measured against developing economies when regulatory, etc. rules are considered, says Nigel Morris-Cotterill. The Bill contains one major foul-up, he says.

In 2011, Compliance Complete (Complinet) published a series of articles titled "What's Wrong with Counter-Money Laundering Laws?".

The articles promised that the author, Nigel Morris-Cotterill, Head, The Anti Money Laundering Network, would subsequently supply a draft law designed to improve on existing legislation.

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