Abuja: Nigerian President Olusegun Obasanjo has submitted to lawmakers proposals for a new financial commission, saying its establishment is necessary for the nation to be removed from a money laundering blacklist.

Nigeria is one of three nations considered to be uncooperative on money laundering issues by world body the Financial Action Task Force.

In a letter read to lawmakers by Senate President Ken Nnamani on Tuesday, Obasanjo said Nigeria needed to set up the commission before an expected visit by task force officials.

A previous proposal for a similar financial commission has already been rejected by both chambers of Nigeria’s parliament. Under the new bill, the commission would have more restricted powers than originally proposed.

The Financial Action Task Force was set up in 1987 to monitor and fight money laundering, and in 2001 expanded its role to combat the financing of terror.

Its rapidly shrinking blacklist of uncooperative countries, whose systems support money laundering activities, now comprises Nigeria, Myanmar and Nauru.

Indonesia, the Philippines and the Cook Islands were removed from the list in February.

Finance24.com, July 6, 2005