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Nigeria Senate Passes Anti-money Laundering Bill - Politics - Nairaland

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Nigeria Senate Passes Anti-money Laundering Bill by Nobody: 5:23am On Mar 02, 2011
The Nigeria Senate has passed the Anti-Money Laundering Bill to compliment the Anti-Terrorism Bill. The Anti-Money Laundering bill provides for an act to repeal the anti-money laundering laws following appeals by President Goodluck Jonathan that its passage will reassure the international community of the country�s commitment to the global fight against terrorism. The Anti-Terrorism Bill is one of those that President Goodluck

Jonathan pleaded with lawmakers to pass into law to save Nigeria the embarrassment of being blacklisted by the Financial Action Task Force (FATF); the other being the Anti-Money Laundering Bill.

The Anti-Money Laundering Bill prescribes that nobody shall make or accept cash payment exceeding 5million naira or its equivalent in the care of an individual or ten million naira in the case of a corporate organization this is against the five hundred thousand naira and 2 million naira stipulated by the law before the amendment.

The bill also stipulates that foreign transfer in excess of 10,000 us dollars must be reported to the Central Bank and the Securities and Exchange Commission in writing within seven days from the day of transactions.

The bill also increased the punishment for money laundering offences from a prison term of not less than two years but not more than three years to five years but not more than ten years.
Re: Nigeria Senate Passes Anti-money Laundering Bill by Jeel: 8:36am On Mar 02, 2011
This is good.But i hope it will be implemented
Re: Nigeria Senate Passes Anti-money Laundering Bill by Nobody: 8:41am On Mar 02, 2011
This is good

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