Money laundering: New Act bans operation of secret accounts

The new money laundering (prevention and prohibition) Act prohibits the operations of what it called numbered or anonymous accounts, accounts in fictitious names, and shell banks.

The Act was recently signed into law by President Muhammadu Buhari.

Corporate organizations who violate this law will on conviction be liable to pay a fine of not less than N10 million and not more than N50 million.

Individuals caught in the web of the law will be liable to a jail term of not more than five years.

According to the law, anybody found guilty of an offense under the Act risked being banned indefinitely or for five years from practicing the profession, which provided the opportunity for the offense to be committed.

Having the proceeds of crime of any kind, including terrorism and kidnapping, and failure to inform the authority of the existence of such funds is also deemed as a crime under the new law.



Please enter your comment!
Please enter your name here