Section 29 Money Laundering Act Section 29 of the Money Laundering (Prevention and Prohibition) Act 2022 is about Repeals and other consequential amendments. It provides as follows: (1) The Money Laundering (Prohibition) Act, No. 11, 2011 is repealed. (2) All regulations, orders, reports, ongoing investigations, prosecutions and other proceedings, actions taken and things done under…

Section 28 Money Laundering Act Section 28 of the Money Laundering (Prevention and Prohibition) Act 2022 is about Regulations. It provides as follows: The Attorney-General of the Federation may make orders, rules, guidelines or regulations as are necessary for the efficient implementation of the provisions of this Act.

Section 27 Money Laundering Act Section 27 of the Money Laundering (Prevention and Prohibition) Act 2022 is about Administrative penalties. It provides as follows: (1) Supervisory and regulatory authorities may impose on—(a) a financial institution ;(b) designated non-financial business and profession ; or (c) any officer of a financial institution or designated non-financial business and…

Section 26 Money Laundering Act Section 26 of the Money Laundering (Prevention and Prohibition) Act 2022 is about Periodic furnishing of reports on money laundering. It provides as follows: (1) Within two years of the coming into force of this Act and every two years after that, the Attorney-General shall cause to be prepared, for…

Section 25 Money Laundering Act Section 25 of the Money Laundering (Prevention and Prohibition) Act 2022 is about Obstruction of authorised officers. It provides as follows: A person who willfully obstructs officers of a competent authority in the exercise of the powers conferred on the competent authority by this Act commits an offence and is…

Section 24 Money Laundering Act Section 24 of the Money Laundering (Prevention and Prohibition) Act 2022 is about Power to demand and obtain records. It provides as follows: For the purpose of this Act, a competent authority may demand, obtain and inspect the books and records of a financial institution or designated non-financial institution business…

Section 23 Money Laundering Act Section 23 of the Money Laundering (Prevention and Prohibition) Act 2022 is about Jurisdiction to try offences under this Act. It provides as follows: (1) The Federal High Court located in any part of Nigeria regardless of the location where the offence is committed shall have jurisdiction to— (a) try…

Section 22 Money Laundering Act Section 22 of the Money Laundering (Prevention and Prohibition) Act 2022 is about Offences by a body corporate. It provides as follows: (1) Where an offence under this Act which has been committed by a body corporate is proved to have been committed on the instigation or with the connivance…

Section 21 Money Laundering Act Section 21 of the Money Laundering (Prevention and Prohibition) Act 2022 is about Conspiracy, aiding and abetting. It provides as follows: A person who— (a) conspires with, aids, abets or counsels any other person to commit an offence; (b) attempts to commit or is an accessory to an act or…

Section 20 Money Laundering Act Section 20 of the Money Laundering (Prevention and Prohibition) Act 2022 is about Retention of proceeds of an unlawful act. It provides as follows: Any person who— (a) conceals, removes from jurisdiction, transfers to nominees or otherwise retains the proceeds of an unlawful act on behalf of another person, where…