Money Laundering (Prevention and Prohibition) Act, 2022

Money Laundering (Prevention and Prohibition ) Act, 2022

Arrangement of Sections

PART I-OBJECTIVES OF THIS ACT

1. Objectives.

PART II-PROHIBITION OF MONEY LAUNDERING

2. Limitation to make or accept cash payment.

3. Duty to report international transfer or transportation of funds, securities and cash.

4. Identification of customers.

5. Duties incumbent upon casinos.

6. Occasional cash transaction by designated non-financial businesses and professions.

7. Suspicious transaction reporting.

8. Preservation of records.

9. Communication of information.

10. Internal procedures, policies and controls.

11. Mandatory disclosure by financial institutions and designated non-financial businesses and professions.

12. Prohibition of numbered or anonymous accounts, accounts in fictitious names and shell banks.

13. New products, business practices and technologies.

14. Liability of directors and employees of financial institutions and designated Non-financial business and profession.

15. Surveillance of bank accounts.

16. Determination of flow of transactions.

PART III-SPECIAL CONTROL UNIT AGAINST MONEY LAUNDERING

17. Establishment of the Special Control Unit Against Money Laundering and functions.

PART IV-OFFENCES AND PENALTIES

18. Money laundering offences.

19. Other offences.

20. Retention of proceeds of an unlawful act.

21. Conspiracy, aiding and abetting.

22. Offences by a body corporate.

PART V-MISCELLANEOUS PROVISIONS

23. Jurisdiction to try offences under this Act.

24. Power to demand and obtain records.

25. Obstruction of authorised officers.

26. Periodic furnishing of reports on money laundering.

27. Administrative penalties.

28. Regulations.

29. Repeals and other consequential amendments.

30. Interpretation.

31. Citation.

ACT No. 14

AN ACT TO REPEAL THE MONEY LAUNDERING (PROHIBITION) ACT, NO. 11, 2011 AND ENACT THE MONEY LAUNDERING (PREVENTION AND PROHIBITION) ACT, 2022 TO PROVIDE COMPREHENSIVE LEGAL AND INSTITUTIONAL FRAMEWORK FOR THE PREVENTION AND PROHIBITION OF MONEY LAUNDERING IN NIGERIA, ESTABLISH THE SPECIAL CONTROL UNIT UNDER THE ECONOMIC AND FINANCIAL CRIMES COMMISSION; AND FOR RELATED MATTERS.

Commencement. [12th Day of May, 2022]