Money Laundering (Prevention and Prohibition) Act, 2022 🇳🇬

Nigeria 1 Citing Cases

Money Laundering (Prevention and Prohibition) Act, 2022

Published on 13 May 2022
Assented to on 12 May 2022
Commenced on 12 May 2022
[This is the version of this document from 13 May 2022.]

AN ACT TO REPEAL THE MONEY LAUNDERING (PROHIBITION) ACT, NO. 11, 2011 AND ENACT THE MONEY LAUNDERING (PREVENTION AND PROHIBITION)ACT, 2022 TO PROVIDE COMPREHENSIVE LEGAL AND INSTITUTIONAL FRAMEWORK FOR THE PREVENTION AND PROHIBITION OF MONEY LAUNDERING IN NIGERIA, ESTABLISH THE SPECIAL CONTROL UNIT UNDER THE ECONOMIC AND FINANCIAL CRIMES COMMISSION ; AND FOR RELATED MATTERS.ENACTED by the NationalAssembly of the Federal Republic of Nigeria—

Part I – OBJECTIVES OF THIS ACT

1. Objectives.

(1)The objectives of this 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 offences in Nigeria ;

(b)strengthen the existing system for combating money laundering and related o…

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