Nigeria passes bill to tighten money laundering laws
Source: Investopedia
By AllAfrica
Published
Updated
1 min read
The bill makes it mandatory for banks and other financial institutions to report any single transaction or lodgment in excess of $12,000 for an individual, and $24,000 in the case of a corporate body.
The Senate has passed a bill that will amend money laundering regulations, including making it mandatory for lenders to report suspicious transactions.
The bill makes it mandatory for banks and other financial institutions to report any single transaction or lodgment in excess of $12,000 for an individual and $24,000 in the case of a corporate body.
Jail sentences ranging from two years to five years will be imposed on individuals who break the new law, while institutions face fines of as much as $120,524 and their relevant officials could be prosecuted, the government said in an emailed statement.
Banks, other institutions, and professionals will also be legally required "to identify and assess the money laundering and terrorism financing risks that may arise in relation to the development of new products and new business practices," the report said.
The Lower House of Representatives will also have to pass the bill before it can be sent to President Muhammadu Buhari to sign it into law.
