Money Laundering (Prevention and Prohibition) Act, 2022 Download

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UNITY AND FAITH PEACE AND PROGRESS

Federal Republic of Nigeria Official Gazette No. 90 Lagos - 13th May, 2022 Vol. 109 Government Notice No. 67

The following is published as supplement to this Gazette :

Act No. Short Title Page 14 Money Laundering (Prevention and Prohibition) Act, 2022 A465-488

Printed and Published by The Federal Government Printer, Lagos, Nigeria FGP 89/52022/1,200

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A 464 2022 No. 14 Money Laundering (Prevention and Prohibition) Act, 2022

Section: MONEY LAUNDERING (PREVENTION AND PROHIBITION) AСТ, 2022

1. Objectives. ARRANGEMENT OF SECTIONS PART I-OBJECTIVES OF THIS ACT PART II-PROHIBITION OF MONEY LAUNDERING
2. Limitation to make or accept cash payment.
3. Duty to report international transfer or transportation of funds, securities and cash.
4. Identification of customers.
5. Duties incumbent upon casinos.
6. Occasional cash transaction by designated non-financial businesses and professions.
7. Suspicious transaction reporting.
8. Preservation of records.
9. Communication of information.
10. Internal procedures, policies and controls.
11. Mandatory disclosure by financial institutions and designated non-financial businesses and professions.
12. Prohibition of numbered or anonymous accounts, accounts in fictitious names and shell banks.
13. New products, business practices and technologies.
14. Liability of directors and employees of financial institutions and designated Non-financial business and profession.
15. Surveillance of bank accounts.
16. Determination of flow of transactions. PART III-SPECIAL CONTROL UNIT AGAINST MONEY LAUNDERING
17. Establishment of the Special Control Unit Against Money Laundering and functions. PART IV-OFFENCES AND PENALTIES
18. Money laundering offences.
19. Other offences.
20. Retention of proceeds of an unlawful act. A 465 A 466 2022 No. 14 Money Laundering (Prevention and Prohibition) Act, 2022
21. Conspiracy, aiding and abetting.
22. Offences by a body corporate. PART V-MISCELLANEOUS PROVISIONS
23. Jurisdiction to try offences under this Act.
24. Power to demand and obtain records.
25. Obstruction of authorised officers.
26. Periodic furnishing of reports on money laundering.
27. Administrative penalties.
28. Regulations.
29. Repeals and other consequential amendments.
30. Interpretation.
31. Citation. A 467 MONEY LAUNDERING (PREVENTION AND PROHIBITION) ACT, 2022 ACT No. 14 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. [12th Day of May, 2022] Commence- ment. ENACTED by the National Assembly of the Federal Republic of Nigeria- PART I OBJECTIVES OF THIS ACT
32. (1) The objectives of this Act are to- Objectives. (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 offences ; (c) make adequate provisions to prohibit money laundering; (d) expand the scope of money laundering offences and provide appropriate penalties ; and (e) establish the Special Control Unit Against Money Laundering under the Economic and Financial Crimes Commission for effective implementation of the money laundering provisions of the Act in relation to the designated non-financial businesses and professions. PART II-PROHIBITION OF MONEY LAUNDERING 2.-(1) No person or body corporate shall, except in a transaction through Limitation a financial institution, make or accept cash payment of a sum exceeding— to make or (a) ₩5,000,000 or its equivalent, in the case of an individual; or accept cash payment. (b) ₩10,000,000 or its equivalent, in the case of a body corporate. (2) A person shall not conduct two or more transactions separately with one or more financial institutions or designated non-financial businesses and professions with intent to- (a) avoid the duty to report a transaction which should be reported under this Act; and (b) breach the duty to disclose information under this act by any other means. A 468 Duty to report international transfer or transportation of funds, securities and cash. Cap. F34, LFN, 2004. Identification of customers. 2022 No. 14 Money Laundering (Prevention and Prohibition) Act, 2022 3.(1) A transfer to or from a foreign country of funds or securities by a person or body corporate including a money service business of a sum exceeding US$10,000 or its equivalent shall be reported to the Unit, Central Bank of Nigeria and Securities and Exchange Commission in writing within one day from the date of the transaction. (2) A report made under subsection (1) shall indicate the nature and amount of the transfer, the names and addresses of the sender and the receiver of the funds or securities. (3) Transportation of cash or negotiable instruments in excess of US$10,000 or its equivalent by individuals in or out of Nigeria shall be declared to the Nigerian Customs Service. (4) The Nigerian Customs Service shall report any declaration made under subsection (3) to the Central Bank and the Unit. (5) Any person who falsely declares or fails to make a declaration to the Nigerian Customs Service under section 12 of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, commits an offence and is liable on conviction to forfeit the undeclared funds or negotiable instrument or to imprisonment for a term of at least two years or both. 4.-(1) A financial institution and a designated non-financial business and profession shall- (a) identify a customer, whether permanent or occasional, natural or legal person or any other form of legal arrangements, using identification documents as may be prescribed in any relevant regulation ; (b) verify the identity of that customer using reliable, independent source documents, data or information; (c) identify the beneficial owner using relevant information or data obtained from a reliable source such that the financial institution or the designated non- financial business and profession is satisfied that it knows who the beneficial owner is ; and (d) take reasonable measures to verify that any person purporting to act on behalf of the customer is so authorised, identified and verify the identity of that person. (2) Financial institutions and designated non-financial businesses and professions shall undertake customer due diligence measures when- (a) establishing business relationships ; Money Laundering (Prevention and Prohibition) Act, 2022 2022 No. 14 A 469 (b) carrying out occasional transactions above the applicable designated threshold prescribed by relevant regulations, including transactions carried out in a single operation or in several operations that appear to be linked ; (c) carrying out occasional transactions that are wire transfers ; (d) there is a suspicion of money laundering or terrorist financing, regardless of any exemptions or thresholds ; or (e) the financial institution or designated non-financial business and profession has doubts about the veracity or adequacy of previously obtained customer identification data. (3) Financial institutions or designated non-financial businesses and professions shall- (a) conduct ongoing due diligence on a business relationship ; (b) scrutinise transactions undertaken during the course of the relationship to ensure that the transactions are consistent with the institution's knowledge of the customer, their business and risk profile and where necessary, the source of funds ; and (c) ensure that documents, data or information collected under the customer due diligence process is kept up-to-date and relevant by undertaking reviews of existing records, particularly for higher risk categories of customers or business relationships. (4) Financial institutions and designated non-financial businesses and professions shall take appropriate measures to manage and mitigate the risks and (a) where higher risks are identified, apply enhanced measures to manage and mitigate the risk ; (b) where lower risks are identified, take simplified measures to manage and mitigate the risks, provided that simplified customer due diligent measures are not permitted whenever there is suspicion of money laundering or terrorist financing ; and (c) in the case of cross-border correspondent banking and other similar relationships and in addition to carrying out customer due diligence measures- (i) gather sufficient information about a respondent institution, (ii) assess the respondent institution's anti-money laundering and combating the financing of terrorism controls, (iii) document respective responsibilities of each institution in this regard, and A 470 Duties incumbent upon casinos. 2022 No. 14 Money Laundering (Prevention and Prohibition) Act, 2022 (iv) obtain management approval before establishing new correspondent relationships. (5) A casual customer shall comply with the provisions of subsection (2) for any number or manner of transactions including wire transfer involving a sum exceeding US$1,000 or its equivalent if the total amount is known at the commencement of the transaction or as soon as it is known to exceed the sum of US$1,000 or its equivalent. (6) Where a financial institution or designated non-financial business and profession suspects or has reasonable grounds to suspect that the amount involved in a transaction is the proceeds of a crime or an illegal act, it shall require identification of the customer notwithstanding that the amount involved in the transaction is less than US$1,000 or its equivalent. (7) Financial institutions or designated non-financial business and profession shall put in place appropriate risk management systems and procedures to determine whether a customer or the beneficial owner of a customer is a politically exposed person. (8) In relation to a foreign politically exposed person, the financial institution or designated non-financial institution shall in addition to the requirements of subsections (1) and (2)— (a) obtain senior management approval before establishing (or continuing, for existing customers) such business relationships ; (b) take reasonable measures to establish the source of wealth and the source of funds of customers and beneficial owners identified as politically exposed persons ; and (c) conduct enhanced ongoing monitoring on that relationship. (9) In relation to a domestic politically exposed persons or person who has been entrusted with a prominent function by an international organisation, the financial institution or designated non-financial institution shall in addition to the requirements of subsections (1) and (2), adopt the measures under subsection (8), where there is higher risk business relationship with such a person. 5.-(1) A casino shall- (a) verify the identity of any of its customers carrying out financial transactions by requiring its customer to present a valid original document bearing his name and address ; and (b) record all transactions under this section in chronological order including- Money Laundering (Prevention and Prohibition) Act, 2022 2022 No. 14 A 471 (i) the nature and amount involved in each transaction, and (ii) each customer's surname, forenames and address, in a register forwarded to the Special Control Unit against Money Laundering for that purpose. (2) A register kept under subsection (1)(b) shall be forwarded to the Unit and preserved for at least five years after the last transaction recorded in the register. (3) In this section, casino includes internet casino and ship-based casinos. 6.(1) A designated non-financial business and profession whose Occasional business involves cash transaction shall- cash transaction by (a) in the case of designated non- (i) a new business, before commencement of the business ; and financial (ii) an existing business, within 3 months from the commencement of businesses this Act, submit to the Special Control Unit against Money Laundering, a and declaration of its activities; professions. (b) prior to any transaction involving a sum exceeding US$1,000 or its equivalent, identify the customer by requiring him to fill a standard data form and present his international passport, driving license, national identity card or such other document bearing his photograph as may be prescribed by the Special Control Unit Against Money Laundering; and (c) record all transactions under this section in chronological order, indicating each customer's surname, forenames and address in a register numbered and forwarded to the Special Control Unit Against Money Laundering. (2) A register kept under subsection (1) shall be forwarded to the Unit and preserved for at least five years after the last transaction recorded in the register. (3) A designated non-financial business and profession that fails to comply with the requirements of customer identification and the submission of returns on such transaction as specified in this Act within seven days from the date of the transaction commits an offence and is liable on conviction to- (a) a fine of N250,000 for each day during which the offence continues; and (b) suspension, revocation or withdrawal of license by the appropriate licensing authority as the circumstances may demand. A 472 2022 No. 14 Suspicious transaction reporting. Money Laundering (Prevention and Prohibition) Act, 2022 7.-(1) Where a transaction— (a) involves a frequency which is unjustifiable or unreasonable, (b) is surrounded by conditions of unusual or unjustified complexity, (c) appears to have no economic justification or lawful objective, (d) is inconsistent with the known transaction pattern of the account or business relationship, or (e) in the opinion of the financial institution or non-financial business and profession involves the proceeds of a criminal activity, unlawful act, money laundering or terrorist financing, that transaction shall be deemed to be suspicious and the financial institution and designated non-financial business and profession involved in the transaction shall report to the Unit as the case may be immediately. (2) A financial institution or designated non-financial business and profession shall within 24 hours after the transaction referred to in subsection (1)— (a) draw up a written report containing all relevant information on the matters mentioned in subsection (1) together with the reasons and identity of the principal and, where applicable, of the beneficiary or beneficiaries ; (b) take appropriate action to prevent the laundering of the proceeds of a crime or an illegal act ; and (c) report the suspicious transaction and actions taken to the Unit. (3) The provisions of subsections (1) and (2) shall apply whether the transaction is complete or not. (4) The Unit shall acknowledge receipt of any disclosure, report or information received under this section and may demand such additional information as it may deem necessary. (5) The acknowledgement of receipt shall be sent to the financial institution or designated non-financial business and profession within the time allowed for the transaction to be undertaken and it may be accompanied by a notice deferring the transaction for a period not exceeding 72 hours. (6) Notwithstanding the provisions of subsection (5), the Unit or the Commission or the authorised representatives shall place a stop order not exceeding 72 hours, on any account or transaction if it is discovered that such account or transaction is suspected to be involved in any unlawful act. (7) If the acknowledgment of receipt is not accompanied by a stop notice, or where the stop notice has expired and the order specified in subsection (8) to block the transaction has not reached the financial institution or designated non-financial business and profession, it may carry out the transaction. Money Laundering (Prevention and Prohibition) Act, 2022 2022 No. 14 A 473 (8) Where it is not possible to ascertain the origin of the funds within the period of stoppage of the transaction, the Federal High Court may, at the request of the Unit or the Commission or their authorised representatives order that the funds, accounts or securities referred to in the report be blocked. (9) An order made by the Federal High Court under subsection (8) shall be enforced forthwith. (10) A financial institution or designated non-financial business and profession which fails to comply with the provisions of subsections (1) and (2) commits an offence and is liable on conviction to a fine of N1,000,000 for each day during which the offence continues. (11) The directors, officers and employees of financial institutions and designated non-financial businesses and professions who carry out their duties under this Act in good faith shall not be liable to any civil or criminal liability or have any criminal or civil proceedings brought against them by their customers. (12) Unlawful activity as used in subsection (1) (e) has the same meaning as assigned to it under section 18 (6) of this Act. 8.-(1) Financial institution and designated non-financial business and Preservation profession shall preserve and keep at the disposal of the authorities specified in section 9 of this Act- of records. (a) all necessary records on transactions, both domestic and international, for at least five years following completion of the transaction ; and (b) all records obtained under section 4 of this Act, including account files and business correspondence, and results of any analysis undertaken, for at least five years following the termination of the business relationship or after the date of the occasional transaction. (2) The records referred to in subsection (1) shall be- (a) sufficient to permit individual transactions to be readily reconstructed at any time by the competent authorities ; and (b) made swiftly available to the competent authorities.
33. The records referred to in section 8 of this Act shall be communicated Communication on demand to a competent authority and such other regulatory authorities or judicial persons as the Unit or Special Control Unit Against Money Laundering may specify by order published in the Federal Government Gazette. of information. A 474 2022 No. 14 Internal procedures, policies and controls. Mandatory disclosure by financial institutions and designated non-financial businesses and professions. Money Laundering (Prevention and Prohibition) Act, 2022 10.-(1) Every financial institution and designated non-financial business and profession shall develop programmes to combat the laundering of the proceeds of a crime or other unlawful acts, and these shall include- (a) the designation of compliance officers at management level at its headquarters and at every branch and local office ; (b) regular training programmes for its employees ; (c) the centralisation of the information collected ; and (d) the establishment of an internal audit unit to ensure compliance with and effectiveness of the measures taken to enforce the provisions of this Act. (2) Notwithstanding the provision of this Act or any other Law, the Central Bank of Nigeria, Securities and Exchange Commission, National Insurance Commission and the Special Control Unit Against Money Laundering may- (a) impose a penalty not more than 1,000,000 for designated non- financial businesses and professions, not less than ₩1,000,000 for capital brokerage and other financial institutions and N5,000,000 in the case of a Bank; and (b) in addition, suspend any licence issued to the financial institution or designated non-financial business and profession, for failure to comply with the provisions of subsection (1). 11.-(1) Notwithstanding anything to the contrary in any other law or regulation, a financial institution or designated non-financial business and profession shall report to the Unit in the case of a financial institution and to Special Control Unit Against Money Laundering in the case of a designated non-financial business and profession in writing within seven days, any single transaction, lodgment or transfer of funds in excess of (a) ₩5,000,000 or its equivalent, in the case of an individual ; or (b) ₩10,000,000 or its equivalent, in the case of a body corporate. (2) A person other than a financial institution may voluntarily give information on any transaction, lodgement or transfer of funds in excess of — (a) 1,000,000 or its equivalent, in the case of an individual; or (b) N5,000,000 or its equivalent, in the case of a body corporate. (3) Any financial institution or designated non-financial business and profession that contravenes the provisions commits an offence and is liable on conviction to a fine of at least 250,000 and not more than 1,000,000 for each day the contravention continues. Money Laundering (Prevention and Prohibition) Act, 2022 2022 No. 14 A 475 (4) Legal professional privilege and the invocation of client confidentiality shall not apply in connection with— (a) the purchase or sale of property; (b) the purchase or sale of any business ; (c) the managing of client money, securities or other assets ; (d) the opening or management of bank, savings or securities accounts ; (d) the creation, operation or management of trusts, companies or similar structures; or (e) anything produced in furtherance of any unlawful act. 12.(1) The opening or maintaining of numbered or anonymous accounts Prohibition by any person, financial institution or body corporate is prohibited. (2) A person shall not establish or operate a shell bank in Nigeria. (3) A financial institution shall— (a) not enter into or continue correspondent banking relationships with shell banks; and (b) satisfy itself that a respondent financial institution in a foreign country does not permit its accounts to be used by shell banks. (4) Any person, financial institution or body corporate that contravenes the provisions of subsections (1), (2) and (3), commits an offence and is liable on conviction to (a) in the case of an individual, a term of imprisonment of at least two years but not more than five years ; or (b) in the case of a financial institution or body corporate, a fine of at least 10,000,000 but not more than N50,000,000, in addition to- (i) the prosecution of the principal officers of the body corporate, and (ii) the winding up and prohibition of its constitution or incorporation under any form or guise. of numbered or anonymous accounts, accounts in fictitious names and shell banks. New 13.-(1) Financial institutions and designated non-financial businesses and professions shall identify and assess the money laundering and terrorism products, financing risks that may arise in relation to the development of new products and new business practices, including new delivery mechanisms, and the use of new or developing technologies for both new and pre-existing products in accordance with the requirements specified by the regulatory authorities. (2) Pursuant to the provisions of subsection (1), financial institutions and designated non-financial businesses and professions shall— business practices and technologies. A 476 Liability of directors and employees of financial institutions and designated Non- financial business and profession. Surveillance of bank accounts. Determination of flow of transactions. 2022 No. 14 Money Laundering (Prevention and Prohibition) Act, 2022 (a) undertake the risk assessments prior to the launch or use of such products, business practices and technologies ; and (b) take appropriate measures to manage and mitigate the risks.
34. Where funds are blocked under section 7 (8) of this Act and there is evidence of conspiracy with the owner of the funds, the financial institution or the designated non-financial business and profession involved shall not be relieved of liability under this Act and criminal proceedings for all offences arising there from, may be brought against a director and employees involved in the conspiracy. 15.-(1) A competent authority under an order of the Federal High Court obtained upon an ex-parte application supported by a sworn declaration made by an authorised officer of the competent authority justifying the request, may in order to identify and locate proceeds, properties, objects or other things related to the commission of an offence under this Act or any other law- (a) place any bank account or any other account comparable to a bank account under surveillance ; (b) obtain access to any suspected computer system ; and (c) obtain communication of any authentic instrument or private contract, together with all bank, financial and commercial records, when the account, the telephone line or computer system is used by any person suspected of taking part in a transaction involving the proceeds of a financial crime or other crime. (2) The competent authority may exercise the powers conferred under subsection (1) where it relates to identifying or locating properties, objects or proceeds of an unlawful act. (3) Banking secrecy or preservation of customer confidentiality shall not be invoked as a ground for objecting to the measures set out in subsection (1) and (2) or for refusing to be a witness to facts likely to constitute an offence under this Act, or any other law.
35. The Unit, Commission shall in consultation with the Central Bank and the Corporate Affairs Commission determine the flow of transaction and the identities of beneficiaries under this Act including the beneficiaries of individual accounts and of corporate accounts. Money Laundering (Prevention and Prohibition) Act, 2022 2022 No. 14 A 477 PART III-SPECIAL CONTROL UNIT AGAINST MONEY LAUNDERING 17.—(1) There is established a department under the Economic and Establishment Financial Crimes Commission to be known as the Special Control Unit Against Money Laundering (in this Act referred to as “the SCUML”) which shall be responsible for the supervision of designated non-financial businesses and professions in their compliance with the provisions of this Act, relevant laws and applicable regulations. (2) The functions of SCUML are to- (a) register and certify designated non-financial businesses and professions in accordance with the provisions of this Act, relevant laws and applicable regulations ; (b) monitor and supervise designated non-financial businesses and professions in accordance with the provisions of this Act, relevant laws and applicable regulations ; (c) take necessary enforcement actions to ensure compliance with this Act, relevant laws and applicable regulations ; (d) conduct off-site, on-site, and on the spot checks, inspection of designated non-financial businesses and professions for the purposes of money laundering control and supervision ; (e) establish and maintain a comprehensive database of designated non- financial businesses and professions ; (f) receive cash based transaction reports and currency transaction reports from designated non-financial businesses and professions in accordance with the provisions of this Act ; (g) sensitise designated non-financial businesses and professions regarding their responsibilities under this Act ; and (h) perform other function necessary to fulfil its responsibilities under this Act or any other relevant laws and applicable regulations. PART IV-OFFENCES AND PENALTIES 18.-(1) Money laundering is prohibited in Nigeria. (2) Any person or body corporate, in or outside Nigeria, who directly or indirectly- (a) conceals or disguises the origin of, (b) converts or transfers, (c) removes from the jurisdiction, or of the Special Control Unit Against Money Laundering and functions. Money laundering offences. A 478 2022 No. 14 Money Laundering (Prevention and Prohibition) Act, 2022 (d) acquires, uses, retains or takes possession or control of any fund or property, intentionally, knowingly or reasonably ought to have known that such fund or property is, or forms part of the proceeds of an unlawful act, commits an offence of money laundering under this Act. (3) A person who contravenes the provisions of subsection (2) is liable on conviction to imprisonment for a term of not less than four years but not more than fourteen years or a fine not less than five times the value of the proceeds of the crime or both. (4) A body corporate who contravenes the provisions of subsection (2) is liable on conviction to a fine of not less than five times the value of the funds or the properties acquired as a result of the offence committed. (5) Where the body corporate persists in the commission of the offence for which it was convicted in the first instance, the regulators may withdraw or revoke the certificate or license of the body corporate. (6) The unlawful act referred to in subsection (2) includes— (a) participation in an organised criminal group; (b) racketeering, terrorism, terrorist financing; (c) trafficking in persons, smuggling of migrants, sexual exploitation, sexual exploitation of children ; (d) illicit trafficking in narcotic drugs and psychotropic substances ; (e) illicit arms trafficking, illicit trafficking in stolen goods; (f) corruption, bribery, fraud, currency counterfeiting; (g) counterfeiting and piracy of products, environmental crimes ; (h) murder, grievous bodily injury; (i) kidnapping, hostage taking, robbery or theft ; (j) smuggling (including in relation to customs and excise duties and taxes), tax crimes (related to direct taxes and indirect taxes) ; (k) extortion, forgery, piracy ; (1) insider trading and market manipulation ; and (m) any other criminal act specified in this Act or any other law in Nigeria including any act, wherever committed in so far as such act would be an unlawful act if committed in Nigeria. (7) A person who commits an offence under subsection (2) shall be subject to the penalties specified in this section notwithstanding that the various acts constituting the offence were committed in different countries or places. Money Laundering (Prevention and Prohibition) Act, 2022 2022 No. 14 A 479 (8) Notwithstanding the provisions of subsection (6), it shall not be necessary to establish a specific unlawful act, or that a person was charged or convicted for an unlawful act, for the purpose of proving a money laundering offence under this Act. (9) Knowledge, intent, purpose, belief or suspicion required as an element of money laundering under this Act may be inferred from objective factual circumstances. 19.-(1) Without prejudice to the penalties provided under section 18 of this Act, any person who— Other offences. (a) being a director or employee of a financial institution warns or in any other way intimates the owner of the funds involved in the transaction referred to in section 7 of this Act about the report he is required to make or the action taken on it or who refrains from making the report as required; (b) destroys or removes a register or record required to be kept under this Act; (c) carries out or attempts under a false identity to carry out any of the transactions specified in sections 2 - 6 of this Act ; (d) makes or accepts cash payments exceeding the amount authorised under this Act; (e) fails to report an international transfer of funds or securities required to be reported under this Act ; or (f) being a director or an employee of a financial institution or designated non-financial business and profession contravenes the provisions of sections 3, 4, 5, 6, 7, 8, 10, 11, 13, 14, 15 of this Act, commits an offence under this Act. (2) A person who commits an offence under subsection (1)— (a) paragraph (a), is liable on conviction to a fine of at least ¥10,000,000 or imprisonment for a term of at least two years ; and (b) paragraphs (b)-(f), is liable to a fine of N10,000,000 or imprisonment for a term of at least three years or both, in the case of individual and N25,000,000 in the case of a body corporate. (3) A person found guilty of an offence under this section may also be banned indefinitely or for a period of five years from practicing the profession which provided the opportunity for the offence to be committed. (4) Where as a result of a serious oversight or a flaw in its internal control procedures, a financial institution or person designated under section 10 (1) (a) of this Act, fails to meet any of the obligations imposed by this Act, the disciplinary authority responsible for the financial institution or the person's professional A 480 2022 No. 14 Retention of proceeds of an unlawful act. Con