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Money Laundering (Prevention and Prohibition) Act, 2022

The Money Laundering (Prevention and Prohibition) Act, 2022 provides the principal legal framework for the prevention, detection, prosecution, and prohibition of money laundering and related offences in the Federal Republic of Nigeria. Enacted to enhance compliance with international standards, including those set by the Financial Action Task Force (FATF), this Act consolidates and repeals prior legislation, streamlining Nigeria’s anti-money laundering regime under a single, robust statute.

The Act imposes obligations on financial institutions, designated non-financial businesses and professions (DNFBPs), and other reporting entities, mandating customer due diligence, suspicious transaction reporting, record-keeping, and internal control mechanisms. It also establishes clear penalties for infractions and provides for cooperation with international counterparts in combating transnational financial crime.

This statute is a critical tool for compliance professionals, regulatory authorities, financial institutions, and stakeholders involved in corporate governance, risk management, and financial crime prevention.