Regulatory Alerts2021-02-01
Added · Updated
Terrorism Prevention (Freezing of International Terrorists Funds and Other Related Measures) Regulations, 2011
The Attorney-General of the Federation establishes procedures for freezing funds and economic resources of designated persons listed by the United Nations or Nigeria, requiring Financial and Designated Non-Financial Institutions to block accounts and report suspicious transactions to the Nigerian Financial Intelligence Unit. The Regulations prohibit making funds or economic resources available to designated persons, ban their entry or transit through Nigeria, and forbid the supply of arms or training, with violations carrying penalties of up to five years imprisonment or a fine of not less than N1,000,000.00. Applications to utilize frozen funds for basic needs or legal fees must be approved by the Attorney-General, who may also remove names from the Nigeria List upon presidential revocation of a designation.