Money Laundering (Prevention and Prohibition) Act, 2022
Click to download the Money Laundering (Prevention and Prohibition) Act, 2022
The Money Laundering (Prevention and Prohibition) Act, 2022 is the principal legislation governing the prevention, detection, and prohibition of money laundering in Nigeria. Enacted in 2022, the Act repealed the Money Laundering (Prohibition) Act, 2011 (as amended) and introduced a more comprehensive framework for combating money laundering, terrorism financing, and the financing of the proliferation of weapons of mass destruction. The Act strengthens Nigeria’s anti-money laundering regime in line with international standards, particularly the recommendations of the Financial Action Task Force (FATF).
Click to download the Money Laundering (Prevention and Prohibition) Act, 2022
The Act imposes obligations on financial institutions, designated non-financial businesses and professions, and other reporting entities to conduct customer due diligence, maintain transaction records, report suspicious transactions, and implement internal compliance measures. It also establishes mechanisms for monitoring financial transactions, identifying beneficial ownership, and facilitating cooperation among regulatory, supervisory, and law enforcement agencies. Furthermore, the Act criminalises money laundering and related offences, prescribing penalties for individuals and corporate bodies found guilty of violating its provisions.
Click to download the Money Laundering (Prevention and Prohibition) Act, 2022
As a cornerstone of Nigeria’s anti-money laundering framework, the Money Laundering (Prevention and Prohibition) Act, 2022 seeks to protect the integrity of the country’s financial system and prevent its exploitation for illicit activities. The Act enhances the capacity of relevant authorities to investigate, prosecute, and recover proceeds of crime while promoting transparency, accountability, and compliance with Nigeria’s international obligations in the fight against financial and economic crimes.
Click to download the Money Laundering (Prevention and Prohibition) Act, 2022
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