Section 2 Money Laundering Act

Section 2 of the Money Laundering (Prevention and Prohibition) Act 2022 is about Limitation to make or accept cash payment. It provides as follows:

(1) No person or body corporate shall, except in a transaction through a financial institution, make or accept cash payment of a sum exceeding—

(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 shall not conduct two or more transactions separately with one or more financial institutions or designated non-financial businesses and professions with intent to—
(a) avoid the duty to report a transaction which should be reported under this Act ; and
(b) breach the duty to disclose information under this act by any other means.

[/membership]