11 Jun Money Laundering (Prohibition) Act, 2011
About the Law
This Law of the Federal Republic of Nigeria repeals the Money Laundering (Prohibition) Act 2004. It makes comprehensive prohibitions to prohibit the financing of terrorism, the laundering of the proceeds of crime or an illegal act. It provides penalties and expands the scope of supervisory and regulatory agencies to address the challenges faced in the anti-money laundering fight in Nigeria
- Puts a limit on making or accepting cash payments other than through a financial institution
- Duty to report international transfer of funds and securities exceeding a stated amount
- Duty of certain institutions to verify its customers identity and scrutinize all on-going transactions undertaken throughout the duration of the relationship
- Provides for special surveillance and reporting of suspicious transactions
- Prohibition of numbered or anonymous accounts
You may get some more information by reading the law here – Money Laundering Act 2011
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