Money Laundering (Prohibition) (Amendment) Act, 2012

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Explanatory Memorandum: This Act amends the Money Laundering (Prohibition) Act, No. 11 2011 to expand the scope of Money Laundering offences and enhance customer due diligence measures.

Arrangement of Sections

1. Amendment of Act No. 11, 2011

2. Amendment of section 2 (5)

3. Amendment of section 3

4. Amendment of section 6

5. Amendment of section 9

6. Amendment of section 10

7. Amendment of section 11

8. Amendment of section 12

9. Substitution for section 15

10. Amendment of section 16

11. Substitution for section 20

12. Substitution for section 23

13. Amendment of section 25

14. Citation

MONEY LAUNDERING (PROHIBITION) (AMENDMENT) ACT

An Act to amend the Money Laundering (Prohibition) Act No. 11, 2011 to expand the scope of money laundering offences and enhance customer due diligence measures; and for related matters.

Commencement

ENACTED by the National Assembly of the Federal Republic of Nigeria

Amendment of Act No.11, 2011

1. The Money Laundering (Prohibition) Act No. 11, 2011 (in this Amendment Act referred to as "the Principal Act") is amended as set out in this Act.

Amendment of section 2(5)

2. Section 2(5) of the Principal Act is amended by deleting immediately after the word "forfeit" in line 4, the expression, "not less than 25% of"

Amendment of section 3

3. Section 3 of the Principal Act is amended:

(a) by substituting subsection (1) for a new subsection "(1)"

"(1) A Financial Institution and Designated Non-Financial Institution shall -

(a) identify a customer, whether permanent or occasional, natural or legal person, or any other form of legal arrangements, using identification documents as may be prescribed in any relevant regulation;

(b) verify the identity of that customer using reliable, independent source documents, data or information"; and

(c) identify the beneficial owner and take reasonable measures to verify the identity of the beneficial owner using relevant information or data obtained from a reliable source such that the Financial Institution or the Designated Non-Financial Institution is satisfied that it knows who the beneficial owner is";

(b) by substituting for subsections (2), (3) and (4), new subsections "(2)", "(3)" and "(4)"

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