Anti-money laundering—Nigeria—Q&A guide [Archived, 2020 Edition]

The following Corporate Crime practice note provides comprehensive and up to date legal information covering:

  • Anti-money laundering—Nigeria—Q&A guide [Archived, 2020 Edition]
  • 1. Identify your jurisdiction’s money laundering and anti-money laundering (AML) laws and regulations. Describe the main elements of these laws.
  • 2. Describe any specific powers to identify proceeds of crime or to require an explanation as to the source of funds.
  • 3. Which government entities enforce your jurisdiction’s money laundering laws?
  • 4. Can both natural and legal persons be prosecuted for money laundering?
  • 5. What constitutes money laundering?
  • 6. Is there any limitation on the types of assets or transactions that can form the basis of a money laundering offence?
  • 7. Generally, what constitute predicate offences?
  • 8. Are there any codified or common law defences to charges of money laundering?
  • 9. What is the range of outcomes in criminal money laundering cases?
  • More...

Anti-money laundering—Nigeria—Q&A guide [Archived, 2020 Edition]

This Practice Note contains a jurisdiction-specific Q&A guide to anti-money laundering in Nigeria published as part of the Lexology Getting the Deal Through series by Law Business Research (published: April 2020).

Authors: Sofunde Osakwe Ogundipe & Belgore—Babajide Ogundipe; Koha S Okukulabe; Olatunde Ogundipe

1. Identify your jurisdiction’s money laundering and anti-money laundering (AML) laws and regulations. Describe the main elements of these laws.

The laws governing money laundering in Nigeria are the Money Laundering (Prohibition) Act, the Money Laundering (Prohibition) (Amendment) Act (together, the Money Laundering Act), the Economic and Financial Crimes Commission Act and the Central Bank of Nigeria (Anti-Money Laundering and Combating the Financing of Terrorism in Banks and Other Financial Institutions in Nigeria) Regulations. The main elements of these laws prohibit:

  1. the conversion or transfer of resources or property derived directly from illegal and unlawful activity;

  2. making or accepting cash payments of sums exceeding the statutory provisions;

  3. collaboration in concealing or disguising the genuine nature, origin, movement or ownership of the resources, property or rights derived from the above-mentioned acts;

  4. retaining the proceeds of criminal activity; and

  5. conspiring to commit or the aiding and abetting of any offence under the Money Laundering Act.

2. Describe any specific powers to identify proceeds of crime or to require an explanation as to the source of funds.

Acting pursuant to a court order placing

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