Section 27 Money Laundering Act

Section 27 of the Money Laundering (Prevention and Prohibition) Act 2022 is about Administrative penalties. It provides as follows:

(1) Supervisory and regulatory authorities may impose on—
(a) a financial institution ;
(b) designated non-financial business and profession ; or

(c) any officer of a financial institution or designated non-financial business and profession, for any breach of any requirement of this Act, such administrative sanctions as may be prescribed in a regulation made by the Attorney-General of the Federation under this Act.

(2) Any penalty imposed by a supervisory or regulatory authority by virtue of subsection (1) shall take precedence over and is not limited by any other sanction that may be imposed under any other regulation.

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