The House of Representatives has proposed a prison term of seven years and a fine of “not less than N50m” against money laundering.

According to Punch, the bills have consolidated and referred to the crucial committee stage.

The newspaper reports that one of the bills seek to repeal the extant money laundering law.

The executive bill was sponsored by the Majority Leader of the House, Mr. Femi Gbajabiamila.

On the other hand, the second bill, a private member bill by Mr. Edward Pwajok, (SAN), seeks to amend the extant Act with tougher penalties.

In the second bill, there is a proposal to amend Section 11(2)(b) of the Principal Act by “deleting N10m but not more than N50m and substituting it with not less than N50m.”

In the harmonised executive version, a jail term of “not less than seven years without the option of a fine,” is prescribed in Section 8, if the offender is an individual.

For a financial institution, the penalty is a “fine of not less than N25m.”

Under Section 2, a laundered property is a property suspected to have “criminal origin,” while the offender is a person who “conceals, disguises, converts, transfers or removes the property from Nigeria.”

If the suspect is a “designated, non-financial business or profession,” the fine is not less than N10m.

Other penalties for individuals range from three years to five years on conviction by a court of competent jurisdiction.