On Thursday, President Muhammadu Buhari signed the Anti-Money Laundering Bill into law.
The bill, which amends the 2011 Money Laundering Act, requires banks and other financial institutions to record every single transaction or deposit exceeding N5 million for individuals and N10 million for corporations.
Financial institutions in the country will be required to report such transactions to a section inside the Economic and Financial Crimes Commission once the measure becomes law (EFCC).
The recently enacted Act is anticipated to aid the country's efforts to combat corruption, money laundering, and terrorism.
Section 11(3) of the Act states that any financial institution or designated non-financial business or profession that fails to file a report of required transactions commits an offence and faces a punishment of not less than N250,000 and not more than N1 million if convicted.
Section 12 forbids the use of false names and shell banks to open numbered or anonymous accounts.
It further states that anyone or any financial institution who violates Section 12 subsections (1), (2), or (3) commits an offense and faces a sentence of not less than 2 years and not more than 5 years in the case of an individual.©Standard Gazette, 2021. Unauthorized use and/or duplication of this material without express and written permission from this site’s publisher is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Standard Gazette with appropriate and specific direction to the original content.