The Money Laundering(Prevention and Prohibition) Act, 2022.

Copy of the Money Laundering(Prevention and Prohibition) Act, 2022

Click to download a copy of the Money Laundering(Prevention and Prohibition) Act, 2022

The Act which contains a total of 5 parts and 31 sections has repealed the Money Laundering (Prohibition) Act, No. 11, 2011, and enacted the Money Laundering (Prevention And Prohibition) Act, 2022 to Provide a Comprehensive Legal and Institutional Framework for the prevention and Prohibition of money laundering in Nigeria established the Special Control Unit Under The Economic And Financial Crimes Commission; and for related matters.

Click to download a copy of the Money Laundering(Prevention and Prohibition) Act, 2022

The objectives of the Act are to—

(a) provide for an effective and comprehensive legal and institutional
framework for the prevention, prohibition, detection, prosecution and punishment of money laundering and other related offenses in Nigeria ;

(b) strengthen the existing system for combating money laundering and
related offenses;

(c) make adequate provisions to prohibit money laundering ;

(d) expand the scope of money laundering offenses and provide appropriate penalties; and

(e) establish the Special Control Unit Against Money Laundering under
the Economic and Financial Crimes Commission for effective implementation
of the money laundering provisions of the Act about the designated Non-Financial businesses and professions.

The Money Laundering(Prevention and Prohibition) Act, 2022 was signed into law by President Mohammadu Buhari on the 12th of May 2022.

Click to download a copy of the Money Laundering(Prevention and Prohibition) Act, 2022

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