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 report to the Unit in the case of a financial institution and to Special Control Unit Against Money Laundering in the case of a designated non-financial business and profession in writing within seven days, any single transaction, lodgment or transfer of funds in excess of —
(a) N5,000,000 or its equivalent, in the case of an individual ; or
(b) N10,000,000 or its equivalent, in the case of a body corporate.

(2) A person other than a financial institution may voluntarily give information on any transaction, lodgement or transfer of funds in excess of —
(a) N1,000,000 or its equivalent, in the case of an individual ; or
(b) N5,000,000 or its equivalent, in the case of a body corporate.

(3) Any financial institution or designated non-financial business and profession that contravenes the provisions commits an offence and is liable on conviction to a fine of at least N250,000 and not more than N1,000,000 for each day the contravention continues.

(4) Legal professional privilege and the invocation of client confidentiality shall not apply in connection with—
(a) the purchase or sale of property ;
(b) the purchase or sale of any business ;

(c) the managing of client money, securities or other assets ;
(d) the opening or management of bank, savings or securities accounts ;

(d) the creation, operation or management of trusts, companies or similar structures ; or
(e) anything produced in furtherance of any unlawful act.

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