Regulatory Alerts2022-05-16
Money Laundering (Prevention and Prohibition) Act, 2022 Download
The Money Laundering (Prevention and Prohibition) Act, 2022 has been enacted in Nigeria to provide a comprehensive legal and institutional framework for preventing and prohibiting money laundering. It establishes the Special Control Unit Against Money Laundering under the Economic and Financial Crimes Commission (EFCC). The Act aims to strengthen the existing system for combating money laundering and related offences, expand the scope of money laundering offences, and ensure effective implementation of anti-money laundering provisions in relation to designated non-financial businesses and professions.