Money Laundering (Prohibition) Act, 2003 🇳🇬

Nigeria Repealed: 2011-06-03 5 Citing Cases

Repeal Notice

This legislation was repealed on 2011-06-03 by Money Laundering (Prohibition) Act, 2011 (as amended)

Money Laundering (Prohibition) Act, 2003

Published in Official Gazette supplement
Commenced on 24 May 2003
[This is the version of this document at 24 May 2003.]

[Repealed on 3 June 2011 by Money Laundering (Prohibition) Act, 2011 (as amended) (Act 11 of 2011)]

An Act to repeal the Money Laundering Act, L.F.N. 2004 Cap. M18 and enact a new Money Laundering Act; and for related matters.

Part I – Prohibition of Money Laundering

1. Limitation to make or accept cash payment

(1)No person or body corporate shall make or accept cash payment of a sum exceeding-

(a)N500,000 or its equivalent, in the case of an individual; or

(b)N2,000,000.00 (two million naira) or its equivalent, in the case of a body corporate, except in a transaction through a financial institution.

2. Duty to report international transfer of funds and security

(1)A transfer to or from a foreign country of funds or securities of a sum exceeding $10,000 or its equivalent shall be reported to the Central Bank of Nigeria (in this Act refer…

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