Section 15 Money Laundering Act

Section 15 of the Money Laundering (Prevention and Prohibition) Act 2022 is about Surveillance of bank accounts. It provides as follows:

(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.

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