Money Laundering (Prevention and Prohibition) Act 2022

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]

ENACTED by the National Assembly of the Federal Republic of Nigeria—

Sections

Part I—Objectives Of This Act

Section 1 Money Laundering Act 2022 – Objectives.

Part II—Prohibition Of Money Laundering

Section 2 Money Laundering Act 2022 – Limitation to make or accept cash payment.

Section 3 Money Laundering Act 2022 – Duty to report international transfer or transportation of funds, securities and cash.

Section 4 Money Laundering Act 2022 – Identification of customers.

Section 5 Money Laundering Act 2022 – Duties incumbent upon casinos.

Section 6 Money Laundering Act 2022 – Occasional cash transaction by designated non-financial businesses and professions.

Section 7 Money Laundering Act 2022 – Suspicious transaction reporting.

Section 8 Money Laundering Act 2022 – Preservation of records.

Section 9 Money Laundering Act 2022 – Communication of information.

Section 10 Money Laundering Act 2022 – Internal procedures, policies and controls.

Section 11 Money Laundering Act 2022 – Mandatory disclosure by financial institutions and designated non-financial businesses and professions.

Section 12 Money Laundering Act 2022 – Prohibition of numbered or anonymous accounts, accounts in fictitious names and shell banks.

Section 13 Money Laundering Act 2022 – New products, business practices and technologies.

Section 14 Money Laundering Act 2022 – Liability of directors and employees of financial institutions and designated Non-financial business and profession.

Section 15 Money Laundering Act 2022 – Surveillance of bank accounts.

Section 16 Money Laundering Act 2022 – Determination of flow of transactions.

Part III—Special Control Unit Against Money Laundering

Section 17 Money Laundering Act 2022 – Establishment of the Special Control Unit Against Money Laundering and functions.

Part IV—Offences And Penalties

Section 18 Money Laundering Act 2022 – Money laundering offences.

Section 19 Money Laundering Act 2022 – Other offences.

Section 20 Money Laundering Act 2022 – Retention of proceeds of an unlawful act.

Section 21 Money Laundering Act 2022 – Conspiracy, aiding and abetting.

Section 22 Money Laundering Act 2022 – Offences by a body corporate.

Part V—Miscellaneous Provisions

Section 23 Money Laundering Act 2022 – Jurisdiction to try offences under this Act.

Section 24 Money Laundering Act 2022 – Power to demand and obtain records.

Section 25 Money Laundering Act 2022 – Obstruction of authorised officers.

Section 26 Money Laundering Act 2022 – Periodic furnishing of reports on money laundering.

Section 27 Money Laundering Act 2022 – Administrative penalties.

Section 28 Money Laundering Act 2022 – Regulations.

Section 29 Money Laundering Act 2022 – Repeals and other consequential amendments.

Section 30 Money Laundering Act 2022 – Interpretation.

Section 31 Money Laundering Act 2022 – Citation.