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…

Section 15 Money Laundering Act Section 15 of the Money Laundering (Prevention and Prohibition) Act 2022 is about Surveillance of bank accounts. It provides as follows: (1) A competent authority under an order of the Federal High Court obtained upon an ex-parte application supported by a sworn declaration made by an authorised officer of the…

Section 14 Money Laundering Act Section 14 of the Money Laundering (Prevention and Prohibition) Act 2022 is about Liability of directors and employees of financial institutions and designated Non-financial business and profession. It provides as follows: Where funds are blocked under section 7 (8) of this Act and there is evidence of conspiracy with the…

Section 13 Money Laundering Act Section 13 of the Money Laundering (Prevention and Prohibition) Act 2022 is about New products, business practices and technologies. It provides as follows: (1) Financial institutions and designated non-financial businesses and professions shall identify and assess the money laundering and terrorism financing risks that may arise in relation to the…

Section 12 Money Laundering Act Section 12 of the Money Laundering (Prevention and Prohibition) Act 2022 is about Prohibition of numbered or anonymous accounts, accounts in fictitious names and shell banks. It provides as follows: (1) The opening or maintaining of numbered or anonymous accounts by any person, financial institution or body corporate is prohibited.…

Section 11 Money Laundering Act Section 11 of the Money Laundering (Prevention and Prohibition) Act 2022 is about Mandatory disclosure by financial institutions and designated non-financial businesses and professions. It provides as follows: (1) Notwithstanding anything to the contrary in any other law or regulation, a financial institution or designated non-financial business and profession shall…

Section 10 Money Laundering Act Section 10 of the Money Laundering (Prevention and Prohibition) Act 2022 is about Internal procedures, policies and controls. It provides as follows: (1) Every financial institution and designated non-financial business and profession shall develop programmes to combat the laundering of the proceeds of a crime or other unlawful acts, and…