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Laws of the Federation Preview 46 min read

Money Laundering (Prohibition) Act, 2011

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Arrangement of Sections

PART I - PROHIBITION OF MONEY LAUNDERING

1. Limitation to make or accept cash payment.

2. Duty to report international transfer of funds and securities.

3. Identification of customers.

4. Duties incumbent upon casinos.

5. Occasional cash transaction by designated non-financial institutions.

6. Special surveillance on certain transactions.

7. Preservation of records.

8. Communication of information.

9. Arousing awareness among employees of financial institutions.

10. Mandatory disclosure by financial institution.

11. Prohibition of numbered or anonymous accounts.

12. Liability of Directors, etc. of financial institutions

13. Surveillance of bank accounts.

14. Determination of flow of transactions.

PART II - OFFENCES

15. Money laundering offences.

16. Other offences.

17. Retention of proceeds of a criminal conduct.

18. Conspiracy, aiding and abetting.

19. Offences by a body corporate.

PART III - MISCELLANEOUS

20. Trial of offences.

21. Power to demand and obtain records.

22. Obstruction of the Commission or authorised officers.

23. Repeal of section 13 Cap N30 LFN 2004.

24. Repeal of the Money Laundering (Prohibition) Act, 2004.

25. Interpretation.

26. Citation.

An Act to repeal the Money Laundering (Prohibition) Act, 2004 and enact the Money Laundering (Prohibition) Act, 2011; and for related matters.

ENACTED by the National Assembly of the Federal Republic of Nigeria

PART I - PROHIBITION OF MONEY LAUNDERING

Limitation to make or accept cash payment.

1. No person or body corporate shall, except in a transaction through a financial institution, make or accept cash payment of a sum exceeding -

(a) N5,000,000.00 or its equivalent, in the case of an individual; or
(b) N10,000,000.00 or its equivalent in the case of a body corporate.

Duty to report international transfer of funds and securities.

2. (1) A transfer to or from a foreign country of funds or securities by a person or body corporate including a Money Service Business of a sum exceeding US$10,000 or its equivalent shall be reported to the Central Bank of Nigeria, Securities Exchange Commission or the Commission in writing within 7 days from the date of the transaction.

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