Money Laundering Prevention and Prohibition Act in Nigeria

PART I—OBJECTIVES OF THIS ACT

1. Objectives.

PART II—PROHIBITION OF MONEY LAUNDERING
2. Limitation to make or accept cash payment.
3. Duty to report international transfer or transportation of funds, securities
and cash.
4. Identification of customers.
5. Duties incumbent upon casinos.
6. Occasional cash transaction by designated non-financial businesses and
professions.
7. Suspicious transaction reporting.
8. Preservation of records.
9. Communication of information.
10. Internal procedures, policies and controls.
11. Mandatory disclosure by financial institutions and designated non-financial
businesses and professions.
12. Prohibition of numbered or anonymous accounts, accounts in fictitious
names and shell banks.
13. New products, business practices and technologies.
14. Liability of directors and employees of financial institutions and designated
Non-financial business and profession.
15. Surveillance of bank accounts.
16. Determination of flow of transactions.
PART III—SPECIAL CONTROL UNIT AGAINST MONEY LAUNDERING
17. Establishment of the Special Control Unit Against Money Laundering
and functions.

PART IV—OFFENCES AND PENALTIES

18. Money laundering offences.
19. Other offences.
20. Retention of proceeds of an unlawful act.

21. Conspiracy, aiding and abetting.
22. Offences by a body corporate.

PART V—MISCELLANEOUS PROVISIONS
23. Jurisdiction to try offences under this Act.
24. Power to demand and obtain records.
25. Obstruction of authorised officers.
26. Periodic furnishing of reports on money laundering.
27. Administrative penalties.
28. Regulations.
29. Repeals and other consequential amendments.
30. Interpretation.
31. Citation.

Money Laundering Prevention

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