Money Laundering (Prohibition) Act, 2011 (as amended) 🇳🇬

Nigeria Repealed: 2022-05-12 55 Citing Cases

Repeal Notice

This legislation was repealed on 2022-05-12 by Money Laundering (Prevention and Prohibition) Act, 2022

Money Laundering (Prohibition) Act, 2011 (as amended)

Commenced on 3 June 2011
[This is the version of this document from 3 June 2011.]

[Repealed on 12 May 2022 by Money Laundering (Prevention and Prohibition) Act, 2022 (Act 14 of 2022)]

AN ACT TO REPEAL THE MONEY LAUNDERING (PROHIBITION) ACT 2004 AND ENACT THE MONEY LAUNDERING (PROHIBITION ACT 2011 TO ENHANCE THE SCOPE OF MONEY LAUNDRING OFFENCES AND CUSTOMER DUE DILIGENCE MEASURES AND FOR RELATED MATTERSENACTED by the National Assembly of the Federal Republic of Nigeria as follows

Part 1 – PROHIBITION OF MONEY LAUNDERING

1. Limitation to make or accept cash payment

No person or body corporate shall, except in a transaction through a Financial Institution, make or accept cash payment of a sum exceeding

(a)N5,000,000.00 or its equivalent, in the case of an individual; or

(b)N10,000,000.00 or its equivalent, in the case of a body corporate

2. Duty to report international transfer of funds and securities

(1)A transfer to or from a foreign country …

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