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Nigerian Government Tightens Noose on Money Laundering with New Anti-Money Laundering Laws
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The Nigerian government has taken a significant step in its efforts to combat money laundering, with the passage of the Money Laundering (Prevention and Prohibition) Act, 2022. The new law replaces the Money Laundering (Prohibition) Act, No. 11, 2011, and aims to strengthen the country’s anti-money laundering regulations.
Definition of Money Laundering
According to the act, money laundering is defined as “the concealment of the source of funds derived from an illegal activity or the use of such funds for the purpose of committing further illegal activities.” It also criminalizes the laundering of proceeds from terrorist activities and provides severe penalties for those found guilty.
Threat Posed by Money Laundering
According to the Nigerian Financial Intelligence Unit (NFIU), money laundering poses a significant threat to the country’s economy. The unit estimates that Nigeria loses billions of naira annually due to money laundering activities.
Requirements for Financial Institutions
The new law requires all financial institutions in Nigeria to implement strict anti-money laundering measures, including:
- Customer due diligence
- Reporting suspicious transactions
- Maintaining accurate records
Role of the Nigerian Financial Intelligence Unit (NFIU)
The NFIU is responsible for receiving, requesting, analyzing, and disseminating financial intelligence reports. The act gives the NFIU the power to request information from financial institutions and other relevant authorities.
Additional Laws Enacted
In addition to the Money Laundering (Prevention and Prohibition) Act, 2022, Nigeria has also enacted several other laws aimed at preventing and combating money laundering, including:
- Terrorism Prevention and Prohibition Act, 2022
- Nigerian-Financial-Intelligence-Unit-Act-2018
Anti-Corruption Laws
The country’s anti-corruption laws are also seen as a key component in the fight against money laundering. The African Center for Governance, Asset Recovery and Sustainable Development has emphasized the importance of integrity, transparency, and the fight against corruption in preventing money laundering.
Expected Outcomes
The new anti-money laundering law is expected to enhance Nigeria’s reputation as a country committed to combating financial crimes and improving its international standing. It is also seen as a key step towards strengthening the country’s economy and promoting sustainable development.
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