Nigeria: Money Laundering (Prevention and Prohibition) Act, 2022 entered into force
Description
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…
Scope
Policy Area
Consumer protection
Policy Instrument
User identification requirement
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies), other service provider
Implementation Level
national
Government Branch
executive
Government Body
central government
Complete timeline of this policy change
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2022-03-16
under deliberation
2022-05-04
adopted