Section 3 Money Laundering Act

Section 3 of the Money Laundering (Prevention and Prohibition) Act 2022 is about Duty to report international transfer or transportation of funds, securities
and cash. It provides as follows:

(1) A transfer to or from a foreign country of funds or securities by a person or body corporate including a money service business of a sum exceeding US$10,000 or its equivalent shall be reported to the Unit, Central Bank of Nigeria and Securities and Exchange Commission in writing within one day from the date of the transaction.

(2) A report made under subsection (1) shall indicate the nature and amount of the transfer, the names and addresses of the sender and the receiver of the funds or securities.

(3) Transportation of cash or negotiable instruments in excess of US$10,000 or its equivalent by individuals in or out of Nigeria shall be declared to the Nigerian Customs Service.

(4) The Nigerian Customs Service shall report any declaration made under subsection (3) to the Central Bank and the Unit.

(5) Any person who falsely declares or fails to make a declaration to the Nigerian Customs Service under section 12 of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, commits an offence and is liable on conviction to forfeit the undeclared funds or negotiable instrument or to imprisonment for a term of at least two years or both.