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Nigeria: Money Laundering (Prevention and Prohibition) Act, 2022

Progress

Current status
in force
12 May 2022 in force
04 May 2022 adopted
16 Mar 2022 under deliberation

Scope

Implementers
Nigeria
Policy Area
Consumer protection
Policy Instrument
User identification requirement
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
other service provider
Government Branch
executive
legislature
Government Body
central government
parliament
Implementation Level
national

Timeline of events

12 May 2022
in force

Money Laundering (Prevention and Prohibition) Act, 2022 entered into force

On 4 May 2022, the Money Laundering (Prevention and Prohibition) Act, 2022 entered into force, upon receiving the President's assent. The Act applies to financial institutions and designated non-financial businesses. It prohibits cash payments above…

Event type law
Action type implementation
Government branch executive
Government body central government
04 May 2022
adopted

Money Laundering (Prevention and Prohibition) Act, 2022 was adopted

On 4 May 2022, the Money Laundering (Prevention and Prohibition) Act, 2022 was adopted. The Act applies to financial institutions and designated non-financial businesses. It prohibits cash payments above NGN 5 million for individuals and NGN 10 mill…

Event type law
Action type adoption
Government branch legislature
Government body parliament
16 Mar 2022
under deliberation

Money Laundering (Prevention and Prohibition) Act, 2022 was passed by Senate

On 16 March 2022, the Money Laundering (Prevention and Prohibition) Act, 2022 was passed by the Senate. The Act applies to financial institutions and designated non-financial businesses. It prohibits cash payments above NGN 5 million for individuals…

Event type law
Action type passage
Government branch legislature
Government body parliament