Regulatory Alerts2022-01-01
Added · Updated
National Inherent Risk Assessment of Legal Persons and Legal Arrangements in Nigeria
The document assesses the inherent money laundering, terrorist financing, and proliferation financing vulnerabilities of legal persons and arrangements in Nigeria for the period 2019-2021. It classifies Private Companies Limited by Shares and Business Names on the mainland, as well as branches of foreign legal persons in Free Trade Zones, as having high inherent vulnerability levels. Conversely, Public Companies Limited by Shares and Public Unlimited Companies are rated as low risk, while various other entities including Limited Liability Partnerships and Cooperatives are assessed as medium risk. The assessment also identifies legal arrangements, specifically trusts, as high risk due to their potential to conceal beneficial ownership and disguise the origins of criminal proceeds.