Section 26 Money Laundering Act

Section 26 of the Money Laundering (Prevention and Prohibition) Act 2022 is about Periodic furnishing of reports on money laundering. It provides as follows:

(1) Within two years of the coming into force of this Act and every two years after that, the Attorney-General shall cause to be prepared, for submission to the President, a Nigerian Money Laundering Strategy Report (in this section referred to as “the Report”) which shall contain contributions from all competent authorities.

(2) The Report shall provide details of —
(a) the number of currency transactions and activities undertaken during the period ;

(b) convictions made for —
(i) money laundering offences, and
(ii) financing of terrorism ;
(c) areas of high risk concerns encountered ; and

(d) amounts of moneys frozen, retrained or confiscated for—
(i) trafficking in drugs,
(ii) corruption, and
(iii) other criminal activities.

(3) The Report shall also include further plans to—
(a) substantially reduce the extent of money laundering in Nigeria ;
(b) develop a better coordinated response to money laundering ;

(c) implement mechanisms to improve the discovery, investigation and prosecution of money laundering offences ;

(d) improve coordination between financial institutions and designated non-financial businesses and professions ; and
(e) improve on inter-agency (law enforcement) cooperation.

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