FEDERAL REPUBLIC OF NIGERIA Money Laundering (Prohibition) Act, 2011 (As Amended) (Harmonized Act No. 11, 2011and Act No. 1, 2012) Propucen By Feberat Ministry oF Justice, ABASecon 1 2. 3. 4 5. 6 1 8 9. 0. 1. 1. “ 1s. 16. V7. 18 19, 20, 21 2, 24, 25. AQT MONEY LAUNDERING (PROHIBITION) ACT, 2011 (ASAMENDED) (Act No. 11, 2011 and Aet No. 1, 2012) AnsanoeMent oF SECTIONS Parr I-—PronisTion oF MoNey LAUNDERING Limitation to make or accept cash payment. Duty to report international transfer of funds and securities. Identification of customers. Duties incumbent upon casinos. Occasional cash transaction by designated non-Financial Institutions. Suspicious transaction reporting. Preservation of records ‘Communication of information. Internal procedures, policies and controls. Mandatory disclosure by financial institutions. Prohibition of numbered or anonymous accounts, account in fictitious names and shell banks. Liability of directors, employees of Financial Institutions, Designated Non-Financial Institutions, Financial Intelligence Unit, Regulators, the Commission and the Agency, Surveillance of Bank Accounts. Determination of flow of transactions. Parr II—Orrences Money laundering offences Other Offences. Retention of proceeds of a criminal conduct, Conspiracy, aiding and abetting, Offences by a body corporate. Pas I1I—Miscennaneous Jurisdiction to try offences under this Act. Power to demand and obtain records, Obstruction of the Commission or authorised officers. Regulations. Repeal of the Money Laundering (Prohibition) Act, 2004, Interpretation. Citation. , | |_ i Ago MONEY LAUNDERING (PROHIBITION) ACT, 2011 (AS AMENDED) (Act No. 11, 2011 and Act No. 1, 2012) ‘Aw Act 70 Repeal THe Money Launoenina (Paotunion) AcT 2004 ano Enact me Monsy Long ‘Launoeni (Pronirow ACT. 201t ro Emtnce Tae Scortor Maney Lavnoenig Oreeuces Title, Act soo Custouer Due Disoence MeAsutes, ano Foe Recaro Marrens No.1, 2012, rd Day of June, 2011] | Commence Enacreo by the National Assembly of the Federal Republic of Nigeria as follows— Paar I—Prowsuiion oF MONEY LAUNDERING 1._No person or body corporate shall, except in a transaction through a Limitation to ncial Institution, make or accept cash payment ofa sum exceeding- maker (2) N5,000,000.00 or its equivalent, inthe case of an individual ; oF pment (2) 10,000,000.00 or its equivalent, in the case of a body corporate. 2.—(1) A transfer to or from a foreign country of funds or securities by a Dutyto person or body corporate including a Money Service Business of asum exceeding "70" 'USS10,000 or its equivalent shall be reported to the Central Bank of Nigeria, ination Securities and Exchange Commission or the Commission in writing within 7 “™seof days fom the date ofthe transaction. motte (2) A report made under subsection (1) of this section shall indicate the nature and amount of the transfer, the names and addresses of the sender and the receiver ofthe funds or securities, ) Transportation of cash or negotiable instrument in excess of US$10,000 Or its equivalent by individuals in or out of the country shall be declared to the Nigerian Customs Service, (4) The Nigeria Customs Service shal report any declaration made pursuant to subsection (3) of this section to the Central Bank and the Commission (3) Any person who falsely declares of fils to make a declaration to the} Sein 2, [Nigerian Customs Service pursuantto section 12 ofthe Foreign Exchange(Monitering dcr No and Miscellaneous Provisions) Act, Cap. F34, LFN, 2004 is guilty ofan offence and 2012 shall be liable on conviction to forfeit the undectared funds or negotiable instrument ‘oF to imprisonment toa term of not less than 2 years orto both. 3.41) A Financial Institution and a Designated Non-Financial Institution Wentiics- shall— tion oF (@) identify a customer, whether permanent or occasional, natural or legal person or any other form of legal arrangements, using identification documents as may be prescribed in any relevant regulation ; (8) verify the identity oft documents, data or informs t customer using reliable, independent source andAa ‘[ Seaton} (©) Went the beneTical owner and take reasonable measures To verify The (a),Act No 1202. ‘fParegraph 1, Comin dim on Secon 3(0) (ohacino non. 2011 No.25 Money Laundering (Prohibition) Act, 2011 (As Amended) identity of the beneficial owner usin relevant information or data obtained from a reliable source such that the Financial Institution or the Designated Non- Financial Institution is satisfied tat it knows who the beneficial owner i. (2) Financial Insitutions and Designated Non- undertake customer due diligence measures when— nancial Institutions shall, (@) establishing business relationships : (8) carrying out occasional transactions above the applicable designated threshold prescribed by relevant regulations, including transactions carried ‘out ina single operation or in several operations that appear to be linked ; () carrying out occasional transactions that are wire transfers @ there isa suspicion of money laundering or terrorist finahcing, regardless of any exemptions or threshold (©) the Financial Institution or Designated Non-Financial Institution has doubts about the veracity or adequacy of previously obtained customer identification data, (@) Financial institutions or Designated Non-Financial Int () conduct ongoing due diligence on a business relationship ; (®) scrutinise transactions undertaken during the course ofthe relationship to ensure that the transaction are consistent with the institution's knowledge ofthe customer, ther busines and risk profile and where necessary, the source of funds ; and (©) ensure that documents, data or information collected under the customer due diligence process is kept up-to-date and relevant by undertaking reviews of existing records, paricularly for higher risk categories bf customers or business relationships. shall (4) Financial Institutions and {stitutions shall take enhanced measures to manage and mitigate the risks and— (@) where higher ‘and mitigate the risk are identified, take enhanced measures to manage (®)_where lower risks are identified, take simplified meagures to manage and mitigate the risks, provided that simp! ‘are not permitted whenever there is suspicion of money laundering or terrorist financing ; (©) in the case of cross-border correspondent banking and other similar tionships and in addition to carrying out customer due diligdnce measures— (© ater stent information about responder inuton (i) assess the respondent insttution’s anti-money laundering and combating the financing of terorism controls ; (li) document respective responsi and‘Money Laundering (Prohibition) Act, 2011 (As Amended) _No.25 2011 ) obtain management approval before establishing new correspondent relationships. (8) A casual customer shall comply with the provisions of subsection (2) of this section for any number or manner of transactions including wire transfer involving a sum exceeding USS1,000 or its equivalentif the total amount is known, ‘at the commencement of the transaction or as soon as itis known to exceed the, ‘sum of USS 1,000 or its equivalent (©) Where a Financial Institution or Designated Non-Financial Institution ‘suspects or has reasonable grounds to suspect that the amount involved in transaction is the proceeds ofa crime or an illegal act, it shall require identification, ‘of the customer notwithstanding that the amount involved in the transaction is less than US$1,000 or its equivalent. (7) Where the customer is a politically exposed person, the Financial Institution or Designated Non-Financial Institution shall in addition to the requirements of subsection (1) and (2) of this section— (@) put in place appropriate risk management systems ; and () obtain senior management approval before establishing and during any business relationship with the politically exposed person, 441) A Casino shall— (@) verity the identity of any of its customers carrying out financial transactions by requiring its customer to present a valid original document bearing his name and address ; (b)_ record all transactions under this section in chronological order including — O the nature and amount involved in each transaction ; and i) cach customer's surname, forenames and address, in a register forwarded to the Ministry for that purpose. (2) Aregister kept under subsection (1) (6) of his section shall be preserved for at least 5 years after the last transaction recorded in the register. ‘5.—{(1)_A Designated Non-Financial Institution whose business involves cash transaction shall— (@) inthe case of— (anew business, before commencement of the business ; (i) an existing business, within 3 months from the commencement of this Act, submit to the Ministry a declaration of its activi (©) prior to any transaction involving a sum exceeding USS1,000 or its equivalent, identify the customer by requiring him to fill a standard data form and present his international passport, driving license, national identity card or such other document bearing his photograph as may be prescribed by the Ministry ; Aa Section 3 (),Act No 1,202, Secon 3 (0, Act No 1,202, Secon 3 (o.acio 120, Duties incumbent upon Deeasional exh {runsation by desienated Financial Ipstitions,AM2 2011 No.28 Money Laundering (Prohibition) Act, 2011 (As mended) (€) record all transactions under this section in chronological order, indicating each customer's surname, forenames and address in a register ‘numbered and forwarded tothe Ministry (2) The Ministry shall forward the information receive! pursuant to ‘subsection (1) of this section to the Commission within 7 days of jts receipt. (3) A register kept under subsection 1) of this section shall be preserved for at leas 5 years afer the lst transaction recorded in the regist (4). The Minister may make regulations for guiding the operations of Designated Non-Financial Institutions under this section | (5) Notwithstanding the provisions of subsection (2) of this section, the Commission shall have powers to demand and recive reports ies from Designated Non-Financial Institutions. (©) A Designated Non-Financial Institution that fails to comply with the requirements of customer identification and the submission of returns on such transaction as specified in this Act within 7 days from the date of the transaction ‘commits an offence and is liable to— (2) 8 fine of N280,00 for each day during which the offende continues: and (@) suspension, revocation or withdrawal of license by the appropriate lensing authority asthe circumstances may demand. T Spicous 6—()) Where a transaction — | at (@) involves a frequency which is unjustifiable or unreasonable ; f seston « (is surrounded by conditions of unusual or unjustified complexity ; (@) Act No}, ©) appears to have no economic justification or lawful objective ; or 20 @) inthe opinion ofthe Financial Institution or Designated Non-Financial Institution involves terrorist finencing or is inconsistent with the known transaction patter of the account or business relationship ; | that transaction shall be deemed tobe suspicious and the Financial Institation involved in such transaction shall seek information from the customer as to the origin and destination ofthe fnd the sim ofthe transcton an the identity of the beneficiary. @) A Financial Institution or Designated Non-Financial Institution shall ymediately after the transaction referred to in sub-section (1) ofthis section— (@) draw up a veriten report containing all relevant informétion on the matters mentioned in subsection (1) of this section together with the identity ofthe principal and where applicable, ofthe beneficiary or beneficiaries ; (6) take appropriate action to prevent the laundering ofthe pfoceeds of crime or an illegal act; and Section « (©) repor any suspicious transaction and actions taken to tht Economic (,ActNo1, and Financial Crimes Commission, oa id Financial Crimes CommissiorMoney Laundering (Prohibition) de 2011 (As Amended) _No.28 2011 G) The provisions of subsections (1) and (2) of this section shall appl ‘whether the transaction is completed oF not. (4) ‘The Economic and Financial Crimes Commission shall acknowledgy receipt of any disclosure, report or information received under this section ant may demand such additional information as it may deem necessary. (3) (@) The acknowledgement of receipt shall be sent to the Financial Institution or Designated Non-Financial Institution within the time allowe forthe transaction to be undertaken and it may be accompanied by a notic deferring the transaction fora period not exceeding 72 hours. (8) Notwithstanding the provisions of paragraph (a) ofthis subsection, th Chairman ofthe Economic and Financial Crimes Conimission or his authorise representative shall place a Stop Order not exceeding 72 hours, on any accoun| ‘oF transaction if itis discovered in the course of ther duties that such accoun ‘oF transaction is suspected to be involved in any crime. (6) Ifthe acknowledgment of receipt is not accompanied by & stop notice ‘or where the stop notice has expired and the order specified in subsection (7) of this section to block the transaction has not reached the Financial institution o Designated Non-Financial Institution, it may carry out the transaction. (7) Where itis not possible to ascertain the origin of the funds within the Period of stoppage of the transaction, the Federal High Court may, atthe request ‘of the Commission or other persons or authority duly authorized in that behalf] ‘order that the funds, aecounts or securities refered to in the report be blocked. (8) An order made by the Federal High Court under this subsection (7) of this section shall be enforced forthwith (9) A Financial Institution oF Designated Non-Financial Institution which fails to comply with the provisions of subsections (1) and (2) of this section ‘commits an offenee and is liable on conviction to a fine of N1,000,000 for each day during which the offence continues (10) The Directors, Officers and Employees of Financial Institutions an Designated Non-Financial Institutions who catry out their duties under this Act i.good faith shall not be liable toany civil or criminal ibility or have any criminal or civil proceedings brought against them by their customers. 7. A Financial Institution and Designated Non-Financial Institution shall preserve and Keep at the disposal ofthe authorities specified in section 8 ofthis Act (2) the record of a customer's identification for a period of at least 5 years aftr the closure ofthe account or the severance of relations with the customer: and (®) the record and other releted information ofa transaetion carried out by ‘customer and the report provided for in section 6 ofthis Act shall be preserved, fora period of atleast $ years after carrying out the transaction or making of| the report as the case may be. Aa J Section 4 (onaeino 1207 | Section (Aa No 12012 Preservation of recordsAdds Commie bono intormation, Internat procedures, Policies and ‘eontal, Section Sta) Act No 1.2012 4 Secon tyacinot, ain Y Section 5 (oAetNo 202. Mandatory disclosure by Financial + Secon 6, ActNo I, on, 2011 No.25 Money Laundering (Prohibition) Act, 2 8. The records referred to in section 7 of this Acts ‘on demand to the Central Bank of Nigeria or the Nat ‘Ageney (in this Act referred to as the “Agene authorities or judicial persons asthe Commission may sped by order published in the Gazeue. ional 9.—(1) Every Financial Institution and Designated Not shall develop programmes to combat the laundering of the other illegal acts, and these shall include— 1 (as Amen all be communicated ug Law Enforcement sch other regulatory fy From time Financial Institution froceeds ofa crime of (a) the designation of compliance officers at mayfagement level at its headquarters and at every branch and local office : (2) regular training programmes for its employees ; (©) the centralization of the information collected ; (A) the establishment of an internal audit unit to ens and effectiveness of the measures taken to enforce tht Act. (2) Notwithstanding the provision ofthis Act or any o Bank of Nigeria, Securities and Exchange Commission, Commission of any other relevant regulatory authority may (a) impose a penalty of not less than 1,000,000 for cl other financial institutions and NS,000,000 in the case of (8) in addition, suspend any licence issued to the Fin Designated Non-Financial Institution, for failure to comply withthe provisions of subsector 10.1) Notwithstanding anything to the contrary i regulation, a Financial Institution or Designated Non-Finan report to the Economic and Financial Crimes Commission days, any single transaction, lodgement or transfer of funds (a) 5,000,000 or its equivalent, in the case of an indi (®) 10,000,000 oF its equivalent, in the case of a bot (2) A person other than a Financial Institution maj Information on any transaction, lodgement or transfer of func (2) N1,000,000 oF its equivalent, inthe case of an indi (8) 5,000,000 or its equivalent, in the case ofa body} 3) Any Financial Institution or Designated Non-Finan: contravenes the provisions of this section is guilty of an ‘conviction liable to fine of not less N250,000 and not more ‘each day the contravention continues. re compliance with provisions of this per Law, the Central INavional Insurance pital brokerage and fa Bank ; and sncial Institution or (1) ofthis section, any other law ial Institution shall ™ in writing within 7 lin excess of dual ; oF corporate voluntarily give Js in excess of — dual ; oF corporate ial tnstitution that Fence and is on wan Ntmillion forMoney Laundering: Prohibition) Act, 2011 (os Amended) No. 25 204 1.=(1) ‘The opening or maintaining of numbered o by any person, Fineneia! Institution oF body corpo non nious aecouht is prohibited (2) A person sll not sbi oF opt ashe bark niin, | (9) Afnancial institution shal | (2) not enter into oF continue correspondent bankin shell banks ; and (b) satisfy itself that a respondent financial institution imu foreign county does not permit its aevounts 1 be used by shell banks; (8) Any person, Financia Institon or body corporate that conten the provisions of subsections (1), (2) and (3) of this section, commits an o ands lable on conviction to (a) inthe ease ofan individual, term of imprisonment of wot less than years but not more than § years ; or (#) in the ease of a financial institution or body corporate a ine of not Jes ‘than N 10,000,000 but not more tha NS0,090,000, in additinn 10 (D_the prosecution of the principal of jers ofthe body corporate, and Gi) the wind ‘under any form or guise 1p and prohibition of its constitution or incorporation 12, Where Funds are blocked under subsection (7) of section 6 of this Act and there is evidence of conspiracy with the owner of the funds, the Financial Institution oF the Designated Non-Financial Institution involved shall not be lieved of liability under this Actand criminal proceedings forall offences ais there from, may be brought against its director and employees involv ‘conspiracy 13.—(1) The Commission, Agency, Central Bank of Nigetia or ath regulatory authorities pursuant to an order of the Federal High Coust obtained upon an ex-puarte application supported by a sworn declaration made by the Chairman of the Commission or an authorized officer of the Central Bank of Nigeria or other regulatory authorities justifying the request, may in order 10 identity and locate proceeds, properties, objects or other things related to the AMS J secton > (ayaa iby fr No cnploysce of Fn Designated Inston R Commis sd J Secon fet Naf r. jak AcoA446 2011 No.28 Money Laundering (Prohibition) Act, 2011 (As\Amended) ‘commission of an offence under this Act, the Economie and Fipancial Crimes Comimission (Establishment) Act or any other la (a) place any bank account or any other account compadable to a bank account under surveiliance ; (8) obtain access to any suspected computer system ; (©) obtain communication of any authentic instrument or pivate contract, together with all bank, financial and commercial records, whén the account, the telephone line or computer system is used by any persop suspected of taking part ina transaction involving the proceeds ofa financial (2) The Agency may exercise the powers conferred under st or other crime. josection (1) of this section where it relates to identifying o locating properties, objets or proceeds ‘of narcotic drugs or psychotropic substances. (@) Inexercising the power conferred under subsection (2) this seotion, the Agency shall promptly make a report to the Commission, (4) Banking secrecy or preservation of customer confidengatity shall not ‘be invoked as a ground for objecting to the measufes set out in subfection (1) and (Q) ofthis section or for refusing to be a witness to facts likely th constitute an offence under this Act, the Economic and Financial Crimes Commission (Establishmen), etc.) Act or any other law. Determina- 14. The Commission shall in consultation with the Central Bank and the "kon of" Corporate furs Commission determine the flow of transaction ar the identities "rnctions OF Beneficiaries under this Aet including the beneficiaries of indivfdual accounts and of corporate accounts Page ll—Orences Mone 15—(1) Money laundering is prohibited in Nigeria, anderng offences, (2) Any person or body corporate, in or outside Nigeria, who directly or indirecty— (2) conceals or disguises the origin of; (8) converts or transfers ; (©) removes from the jurisdietion ; or (@) acquire, uses, retains or takes possession or control of any fund or property, knowingly or reasonably ought to hae known that such fund or property is, or forms part of the proceeds of an commits an offence of money laundering under this Act. lawful act @) A person who contravenes the provisions of subsectipn (2) of this section is liable on conviction toa term of not less than 7 years but{pot more than 14 years imprisonment. (8) A body corporate who contravenes the provisions of sulfsection (2) of this section is liable on convietion to—ee Money Laundering (Prohibition) Act, 2011 (ds Amended) _ No. 25 2011 Aaa (@) a fine of not less than 100% of the funds and properties acquired as a result of the offence committed ; and ® (5) Where the body corporate persists in the commission of the offence For which it was convicted in the fist instance, the Regulators may withdraw or revoke the certificate or licence of the body corporate. drawal of licence, (6) The unlawful act referred to in subsection (2) ofthis section includes participation in an organized eriminal group, racketeering, terrorism, terrorist financing, trafficking in persons, smuggling of migrants, sexual exploitation, sexual exploitation of children, ilicit trafficking in narcotic drugs and psychotropic substances, ilicit arms trafficking, illicit trafficking in stolen goods, corruption, bribery, fraud, currency counterfeiting, counterfeiting and piracy of products, environmental crimes, murder, grievous bodily injury, kidnapping, hostage taking, robbery or theft, smuggling (including in relation to customs and excise duties ‘and taxes) tax crimes (related to direct taxes and indirect taxes), extortion, forgery, piracy, insider trading and market manipulation or any other criminal act specified inthis Act or any other law in Nigeria, (1) A person who commits an offence under subsection (2) ofthis section jf Sect 9, shall be subject to the penalties specified in this section notwithstanding that the ter Na. 1, various acts constituting the offence were committed in different countries or P07? places 16.—(1) Without prejudice to the penalties provided under seetion 15 of pier this Act, any person who— tence, (0) being a director or employee of a Financial Institution warns or in any other way intimates the owner ofthe funds involved in the transaction referred to in section 6 ofthis Act about the report he is required to make or the action taken on it or who refrains from making the report as required ; () destroys or removes a register or record required to be kept under this Acti (©) carries out or attempts under a false identity to carty out any of the transactions specified in sections | 10 5 of this Act; (@) makes oraccepts cash payments exceeding the amount authorized under this Act: () fails to report an international transfer of funds or securities required to be reported under this Act; oF (A) being a director or an employee of a Financial Institution or Designated} Section 10 [Non-Financial Institution contravenes the provisions of sections 2, 3,4, 5,6, (ul Act No 7,9, 10, 12, 13 or 14 of this Act, } 2012 fan offence under this Act. (2) Aperson who commits an offence under subsection (1) ofthis seetion— (2) paragraph (2), is liable on conviction to imprisonment fora term of not less than 2 years or a fine of not less than N10,000,000 ; andAds 4 section 10 eA No 1.2012 Reteniion of procoeds ofa iminal condt Conspiracy. Ontences by body ‘omorae 2011 No.28 Money Lawdering (Prohibition) Aet, 2011 (As onde) (8) paragraphs (4) — (7), is iable to impr than 3 years ora fine of N10,000,000 or to bot, 'N25,000,000, in the case of a body corporate @) A person found guilty of an offence under this seetion banned indefinitely or for a period of 5 years fron prictiing, th ‘which provided the opportunity for the offence to be committed, sonmnent fora teeth oF not Fess profession, (4) Where asa result ofa serious oversight ora fw in is issfena! contra! procedures, a Financial Institution or person designated under suse (of section 9 of this Act, fils to meet any ofthe obligations inposeal the disciplinary authority responsible for he Financial Institution o* professional body may, in addition to any penalty inthis Act take sueh| action against the Financial Institution oF persons as is in confor professional and administrative regulations. 17. Any person who— (2) conceals, removes from jurisdiction, transfers to nominees retains the proceeds of a erime or an illegal act on behalf of wn knowing or suspecting that other person to be engaged in a crimi ‘or has benefited from a criminal conduct or conspiracy, aiding, (8) knowing that any property either in whole or in par directly represents another person's proceeds ofa criminal conduct, aequ that property or possession of it, commits an offence under this Act and is liable on conviction to in fora term not less than S years or to a fine equivalent to 5 times the proceeds of the criminal conduct or both such imprisonment 18, A person who— (0) conspites with, sids, bets oF counsels any offence ; person t (8) attempts to commit or is an accessory to an actor offence (©) incites, procures or induces any other person by any means to commit an offence under this Act, commits an offence and is liable an conviction to the same pun preseribed for that offence under this Act. 19.—{(1) Where an offence under this Act which has been corn body corporate is proved to have been committed on the instigation| connivance of or atributable to any neglect on the part af a directo} secretary or other similar officer of the body corporate, or any person] to act in any such capacity, he, as well asthe body corporate wher shall be guilty of that offence and shall be liable 10 be proceed! punished accordingly. 2) Where a body corporate is convicted of an offence unde tl ‘court may order thatthe body corporate shall thereupon and without ton (1) by this Act he person's liseli ity with is peothervise pal conduct ale of hind fine pitted by or ith the purporting hnplicable, Jgninst and is Act, the FurthMoney Lamdesing Wrohibition) det, 201) (ds Amended) No.25 2011 Aw assuramees, but for such order, be wound up and all its assels and properties forfeited to the Federal Government Pare tll-Muscr.anrous 20.—(1) The Federal Hig Court salve jrisdtion — (a) try offences under this Actor any ober elaed enactment sand Sex (b) hear and determine proceedings arising under this Act ohiether ar aut PMITINS : he the fence was commenced in Nigerian vompleted olive Nera the victim in . : : 1 Seron Jrctarso (0 alae o resent of gsi psa (1) not a citizen of any country but ordinarily wesident in Nigeria ; (Gif in transit of has a link with Nigeria; and (iv) dealing with or on behalf of the Government of Nigeria, oF a citizen of Nigeria or an entity registered in Nigeria; or (9) the alleged offender is in Nigeria and not extradited to any other country for prosecution. (2) The Federal High Court shall have jurisdiction to impose any penalty provided for an offence under this Act or any other related enactment. (3) In any tral for an offence under this Act, the Court shall have power, notwithstanding anything to the contrary in any other enactment, to adapt all legal measures necessary to avoid unnecessary delays and abuse in the conduct of matters, (4) Subject tothe provisions ofthe Constitution ofthe Federal Republic of Nigeria, an application for stay of proceedings in respect of any criminal matter Drought under this Act shall not be entertained until judgment is delivered. 21. For the purpose of this Act, the Director of Investigation or an officer Power w of the Ministry, Commission, or Agency duly authorized in that behalf may fend and ‘demand, obtain and inspect the books and records of the Financial Institution or sin Designated Non-Financial Institution to confirm compliance with the provisions f°" of this Act 22. A person who wilfully obstructs officers ofthe Ministry, the Commission, bsructon the Ageney or any authorized officer inthe exercise of the powers conferred onthe the Ministry, the Commission or the Agency by this Act commits an offence and omission rsutnorsed is liable on convietion— cers (0) in the case of an individual, to imprisonment fora term of not less than 2 years and not exceeding 3 years ; and (8) in the ease of a financial institution or other body corporate 10 fine of 1,000,000. 23—(1) The Attorney-General may make orders, rules, guidelines or _Hepuations. regulations as are necessary forthe efficient implementation ofthe provisions of Section this Act. Het No 2012,A850 2011 No.28 Money Laundering (Prohibition) Act, 2011 (As Amendied) Repeal of he Money Laundering (Crotibiton) ‘Act 2004 Interpret (2) Orders, rules, guidelines or regulations made under subsectifn (1) of this section may provide forthe (a) method of custody of video and other electronic recordings of| Suspects apprehended under this Act ; (®) method of compliance with directives issued by relevant intefational institutions on money laundering and terrorism financing counter mesures ; (©) procedure for freezing, unfreezing and providing access to frozn funds or other assets; (2) procedure for the prosecution of all money laundering case in line with international human rights standards ; and (e) any other matter the Attorney-General may consider nece4sary or ‘expedient for the purpose ofthe implementation of this Act. 24—(1) The Money Laundering (Prohibition) Act 2004 is repeal (2) The repeal of the enactment specified in subsection (1) of this|section shall not affect anything done or purported to be done under or pursuan| to that ‘enactment, 2S. In this Act— “Aecount” means facility or arrangement by which a Financial Instt\tion— (a) accepts deposits of currency ; (6) allows withdrawals of currency oF transfers into or out of the adcount; (©) pays cheques or payment orders drawn on a Financial Institytion oF cash dealer by a person or collect cheques or payment orders on behhi of a person ; or (A) supplies a facility or an arrangement fora sate deposit box “Ageney” means National Drug Law Enforcement Agency ; Beneficiary” includes a natural oF legal person or any other form df legal arrangement identified bythe rigor ste receiver of the request wire transfer “Beneficial owner” refers to— (@) the natural person who ultimately owns or controls a customer ; (8) the natural person on whose behalf transaction is being conducted; and (©) a person who exercises ultimate effective control overa legal person or arrangement ; “Business relationship" means an arrangement between a personland a Financial Institution or Designated Non-Financial Institution for the prpose (of concluding a transaction ;Money Laundering (Prohibition) Act, 2011 (As Amended) No. 25 20 ‘entral Bank means th ‘Central Bank of Nigeria: “Commission” means the Economic and Financial Crimes Commission “Competent authority” means any agency or institution concerned with ‘combating money laundering and terrorist financing under this Act or under any other law or regulation ; “Correspondent banking” means the provision of banking services by of ‘bank (the correspondent bank) to another bank (the respondent bank) ; “Designated Non-Financial Institution” include dealers in jewellery cas th luxury goods, chartered accountants, audit firms, tax consultants, clearing a settlement companies, legal practitioners, hotels, casinos, supermarkets, ands other businesses as the Federal Ministry of Industry, Trade and Investment appropriate regulatory authorities may from time to time designate ; “False Declaration” refers to-@ misrepresentation of — (2) the value of the currency oF bearer negotiable instrument bei transported ; and () other relevant data required for submission in the declaration or otherwise requested by the authorities ; “Financial Institution” include banks, body corporates, associations or gro of persons, whether corporate or incorporate which carries on the business investment and securities, a discount house, insurance institution, det factorization and conversion firm, bureau de change, finance company, mor brokerage firm whose principal business includes factoring, project finan equipment leasing, debt administration, fund management, private ledger service, investment management, local purchase order financing, expott finance, project consultancy, financial consultancy, pension funds managemert ‘and such other business as the Central Bank or other appropriate regulato authorities may from time to time designate ; “Funds” refers to assets of every kind whether tangible or intangible ‘movable orimmovable, howsoever acquired and legal documents or instrument in any form, including electronic or digital, evidencing title to or interest i such assets, including bank credits, travellers cheques, bank cheques, mone} orders, shares, securities, bonds, drafts or letters of credit ; means the Minister charged with responsibility for matter Pertaining to Trade and Investment; ““Minisiry" means the Federal Ministry of Industry, Trade and Investment “Money Service Business” includes currency dealers, money transmitters, chequ cashers, and issuers of travellers” cheques, money orders or stored value ; “Nigerian Financial Intelligence Unit (NFIU)" refers to the central uni responsible for the receiving, requesting, analyzing and disseminating to th ‘competent authorities disclosures of financial information concerning the ‘suspected proceeds of crime and potential financing of terrorism : AsiAas? 2011 No.2S Money Laundering (Prohibition) Act, 2011 ( 1s Amended) “Other Regulatory Authorities" means the Securities and Exchange Commission, and the Nationa Insurance Commission; “Physical Presence” in relation to shell banks, means ha ‘management located within a country and not merely the e ageat or low evel staf “Politically exposed persons (‘PEPs'Y" includes — (@) individuals who are or have been entrusted with functions by a foreign country, for example Heads of Sa senior politician, senior government, judicial or mila executives of State owned corporations and important poi Hing structure and istence ofa local ominent public oF Government, officials, senior I party oficial; (2) individuals who are or have been entrusted domestically with prominent public functions, for example Heads of State or of Gi Politicians, senior government, judicial or military officials, benior executives of State owned corporations and important politica party ficiats; and (©, persons who are or have been entrusted with a prdminent function bby an international organization and includes members of sehior management such as directors, deputy directors and members ofthe bobrd or equivalent functions other than middle ranking or more junior indivipuals ; “Proceeds” means property derived from or obtained, diretly or indirectly through the commission of an offence ; “Property” means assets of every kind, whether corporeal or incorporeal, moveable or immoveable, tangible or intangible and leg4l documents or instruments evidencing tile to or interest in such assets; “Public Officers" means individuals who are or have beeh entrusted with ‘prominent public funetion, both within and outside Nigeria ar ‘with them ; ‘ensuring compliance of Financial Insitutions and Oesignat those associated sgulators” means competent regulatory authorities responsible for iol Non-Financial Institutions with requirements to combat money launderihg and terrorist financing ; “Shell bank” means a bank that is not physically located the country in ‘which itis incorporated and licensed and which is unaffilitedwith a regulated financial group that is subject (o effective consolidated sup “Suspicious” means a matter which is beyond mere sp ‘based on some foundation ; “Terrorism Financing” means financial support, ‘oF of those who encourage, plan or engage in terrorism ; “Transaction” means— (@) acceptance of deposit and other repayable funds from fhe public (®) lending ; ulations and is any fofm, of terrorismMoney Laundering (Prohibition) Aet, 201 (As Amended) No. 28 2011 (©) financial leasing ; (A) money transmission service ; () issuing and managing means of payment (for example, credit and debit ‘cards, cheques, travellers’ cheque and bankers’ drafts etc.) (/) financial guarantees and commitment; (8) trading for account of costumer (spot-forwand, swaps, future options, ete) in— (money market instruments (cheques, bills of exchange, ete) ; (i) Foreign exchange ; Gif) exchange interest rate and index instruments ; (i) transferable securities; and (%) commodity futures trading ; (2) pantcipation in capital markets activities and the provision of Financial services related to such issues ; (individual and collective portfolio management ; () safekeeping and administration of cash or liquid securities on behalf of clients; () life insurance and all other insurance related matters; and (O, money changing. “Wire transfer” means any transaction carried out on behalf of a natural Person or legal originator through a Financial Institution by electronic means with a view to making an amount of money available to a beneficiary person at another financial institution, irespective of whether the originator and the beneficiary are the same person, 26. ‘This Act may be cited as the Money Laundering (Prohibition) Act, 2011 (as Amended). AsS3 Seton det No, 2012