Section 25 Money Laundering Act Section 25 of the Money Laundering (Prevention and Prohibition) Act 2022 is about Obstruction of authorised officers. It provides as follows: A person who willfully obstructs officers of a competent authority in the exercise of the powers conferred on the competent authority by this Act commits an offence and is…

Section 24 Money Laundering Act Section 24 of the Money Laundering (Prevention and Prohibition) Act 2022 is about Power to demand and obtain records. It provides as follows: For the purpose of this Act, a competent authority may demand, obtain and inspect the books and records of a financial institution or designated non-financial institution business…

Section 23 Money Laundering Act Section 23 of the Money Laundering (Prevention and Prohibition) Act 2022 is about Jurisdiction to try offences under this Act. It provides as follows: (1) The Federal High Court located in any part of Nigeria regardless of the location where the offence is committed shall have jurisdiction to— (a) try…

Section 22 Money Laundering Act Section 22 of the Money Laundering (Prevention and Prohibition) Act 2022 is about Offences by a body corporate. It provides as follows: (1) Where an offence under this Act which has been committed by a body corporate is proved to have been committed on the instigation or with the connivance…

Section 21 Money Laundering Act Section 21 of the Money Laundering (Prevention and Prohibition) Act 2022 is about Conspiracy, aiding and abetting. It provides as follows: A person who— (a) conspires with, aids, abets or counsels any other person to commit an offence; (b) attempts to commit or is an accessory to an act or…

Section 20 Money Laundering Act Section 20 of the Money Laundering (Prevention and Prohibition) Act 2022 is about Retention of proceeds of an unlawful act. It provides as follows: Any person who— (a) conceals, removes from jurisdiction, transfers to nominees or otherwise retains the proceeds of an unlawful act on behalf of another person, where…

Section 19 Money Laundering Act Section 19 of the Money Laundering (Prevention and Prohibition) Act 2022 is about Other offences. It provides as follows: (1) Without prejudice to the penalties provided under section 18 of this Act, any person who— (a) being a director or employee of a financial institution warns or in any other…

Section 18 Money Laundering Act Section 18 of the Money Laundering (Prevention and Prohibition) Act 2022 is about Money laundering offences. It provides as follows: (1) Money laundering is prohibited in Nigeria. (2) Any person or body corporate, in or outside Nigeria, who directly or indirectly—(a) conceals or disguises the origin of,(b) converts or transfers,(c)…

Section 17 Money Laundering Act Section 17 of the Money Laundering (Prevention and Prohibition) Act 2022 is about Establishment of the Special Control Unit Against Money Laundering and functions. It provides as follows: (1) There is established a department under the Economic and Financial Crimes Commission to be known as the Special Control Unit Against…

Section 16 Money Laundering Act Section 16 of the Money Laundering (Prevention and Prohibition) Act 2022 is about Determination of flow of transactions. It provides as follows: The Unit, Commission shall in consultation with the Central Bank and the Corporate Affairs Commission determine the flow of transaction and the identities of beneficiaries under this Act…