Money Laundering Act 2022 Overview

A facility/arrangement where a financial institution accepts deposits, allows withdrawals, transfers, handles cheques/payment orders, and may offer safe deposit boxes.

A person or entity identified by the originator as receiving requested cash or wire transfers.

The actual person who controls a customer's funds or conducts a transaction on their behalf.

Arrangement between a person and a financial/designated non-financial institution to conduct a transaction.

The central banking authority of a country (in this case, Nigeria).

The Economic and Financial Crimes Commission (Nigeria).

Any agency/institution involved in combating money laundering and terrorism financing.

One bank providing banking services to another.

A licensed or unlicensed establishment with gambling features, including internet casinos and physical spaces.

Specific businesses/professions, regulated to prevent money laundering or terrorist financing.

Misrepresentation of currency/negotiable instrument value or other relevant data during declarations/requests.

Entities like banks, investment companies, insurance firms, and other financial service providers.

Tangible/intangible, movable/immovable assets, or documents/instruments of ownership/interest in them, even digital or electronic forms.

Individuals convicted of violating subsection (2) face imprisonment (4-14 years) or fines (at least 5x crime proceeds). Corporations face fines (at least 5x acquired funds/property). Repeated offenses can lead to license revocation.

A list of criminal activities covered by the law. This includes various offenses, from organized crime to specific financial crimes and violent acts.

A group of individuals working together to commit crimes.

Engaging in unlawful activities typically for financial gain.

The use or threat of violence for political ends.

Dishonest or fraudulent conduct by those in power or positions of trust.

Using confidential information to gain an unfair advantage in the stock market.

Illegal buying, selling, or moving of weapons, often for violence or other criminal purposes.

Crimes committed in any location are still subject to penalties under the law.

A law in Nigeria that prevents and prohibits money laundering activities.

The right of a lawyer to keep client information confidential.

Circumstances where legal privilege does not apply, like property transactions or business dealings involving client funds.

Bank accounts concealed in some way to hide the owners' identity.

It's illegal to open, or use these types of accounts.

Banks that exist but lack real functions, often used in money laundering schemes.

Cooperation between banks in different countries for financial transactions.

Imprisonment or fines are severe punishments for violating the money laundering prohibition act.