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) removes from the jurisdiction, or

(d) acquires, uses, retains or takes possession or control of any fund or property, intentionally, knowingly or reasonably ought to have known that such fund or property is, or forms part of the proceeds of an unlawful act, commits an offence of money laundering under this Act.

(3) A person who contravenes the provisions of subsection (2) is liable on conviction to imprisonment for a term of not less than four years but not more than fourteen years or a fine not less than five times the value of the proceeds of the crime or both.

(4) A body corporate who contravenes the provisions of subsection (2) is liable on conviction to a fine of not less than five times the value of the funds or the properties acquired as a result of the offence committed.

(5) Where the body corporate persists in the commission of the offence for which it was convicted in the first instance, the regulators may withdraw or revoke the certificate or license of the body corporate.

(6) The unlawful act referred to in subsection (2) includes—
(a) participation in an organised criminal group ;

(b) racketeering, terrorism, terrorist financing ;
(c) trafficking in persons, smuggling of migrants, sexual exploitation, sexual exploitation of children ;
(d) illicit trafficking in narcotic drugs and psychotropic substances ;

(e) illicit arms trafficking, illicit trafficking in stolen goods ;
(f ) corruption, bribery, fraud, currency counterfeiting ;
(g) counterfeiting and piracy of products, environmental crimes ;
(h) murder, grievous bodily injury ;

(i) kidnapping, hostage taking, robbery or theft ;
(j) smuggling (including in relation to customs and excise duties and taxes), tax crimes (related to direct taxes and indirect taxes) ;
(k) extortion, forgery, piracy ;
(l) insider trading and market manipulation ; and

(m) any other criminal act specified in this Act or any other law in Nigeria including any act, wherever committed in so far as such act would be an unlawful act if committed in Nigeria.

(7) A person who commits an offence under subsection (2) shall be subject to the penalties specified in this section notwithstanding that the various acts constituting the offence were committed in different countries or places.

(8) Notwithstanding the provisions of subsection (6), it shall not be necessary to establish a specific unlawful act, or that a person was charged or convicted for an unlawful act, for the purpose of proving a money laundering offence under this Act.

(9) Knowledge, intent, purpose, belief or suspicion required as an element of money laundering under this Act may be inferred from objective factual circumstances.