Section 1 Money Laundering Act

Section 1 of the Money Laundering (Prevention and Prohibition) Act 2022 is about Objectives. It provides as follows:

(1) The objectives of this Act are to—
(a) provide for an effective and comprehensive legal and institutional framework for the prevention, prohibition, detection, prosecution and punishment of money laundering and other related offences in Nigeria;

(b) strengthen the existing system for combating money laundering and related offences ;

(c) make adequate provisions to prohibit money laundering ;

(d) expand the scope of money laundering offences and provide appropriate penalties ; and

(e) establish the Special Control Unit Against Money Laundering under the Economic and Financial Crimes Commission for effective implementation of the money laundering provisions of the Act in relation to the designated non-financial businesses and professions.

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