From American Banker (subscription required) By VICTORIA FINKLE July 3, 2014 Last year's push by some...
Money Laundering (Prohibition) Act
(enacted in 2004)
The Money Laundering (Prohibition) Act, enacted by the National Assembly of the Federal Republic of Nigeria in 2004, lays out provisions to prohibit laundering of proceeds of a crime or an illegal act, provides appropriate penalties, and expands the scope of supervision of regulatory authorities regarding money laundering activities in Nigeria.
The act includes the following sections:
- Part I Prohibition of Money Laundering:
- Limitation to make or accept cash payment;
- Duty to report international transfer of funds and securities;
- Identification of customers;
- Duties incumbent upon casino;
- Occasional cash transaction by designated non-financial institutions;
- Special surveillance on certain transactions;
- Preservation of records;
- Communication of information;
- Arousing awareness among employees of financial institutions;
- Mandatory disclosure by financial institutions;
- Liability of directors, etc. of financial institutions;
- Surveillance of bank accounts, etc.; and
- Determination of flow of transactions.
- Part II Offences:
- Money laundering offences;
- Other offences;
- Retention of proceeds of criminal conduct;
- Conspiracy, aiding and abetting; and
- Offences of a corporate body.
- Part III Miscellaneous.