Regulatory Alerts2022-05-01
Money Laundering (Prevention and Prohibition) Act, 2022
The National Assembly of Nigeria enacted the Money Laundering (Prevention and Prohibition) Act, 2022 to establish a comprehensive legal framework for preventing and prosecuting money laundering. The legislation mandates financial institutions and designated non-financial businesses to verify customer identities, limit cash payments above N5 million for individuals and N10 million for corporations, and report suspicious or large transactions within twenty-four hours. It further establishes the Special Control Unit Against Money Laundering under the Economic and Financial Crimes Commission to enforce compliance, while imposing significant fines, imprisonment terms, and license suspensions for violations.
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