Ignorance

You can withdraw any amount from your personal account

But you can't transact some amount with others without declaring the source

Money laundering act is available online

Money laundering is the process of concealing the origin of money, obtained from illicit activities such as drug trafficking, corruption, embezzlement or gambling, by converting it into a legitimate source. It is a crime in many jurisdictions with varying definitions. It is usually a key operation of organized crime

Moh247:
Ignorance

You can withdraw any amount from your personal account

But you can't transact some amount with others without declaring the source

Money laundering act is available online

OldNairalander:
Money laundering is the process of concealing the origin of money, obtained from illicit activities such as drug trafficking, corruption, embezzlement or gambling, by converting it into a legitimate source. It is a crime in many jurisdictions with varying definitions. It is usually a key operation of organized crime

While retaining the erstwhile threshold value on cash payment transactions to a sum exceeding N5, 000,000 (five million naira) for individuals and N10,000,000 (ten million naira) for corporate bodies, the MLA 2022 criminalises any attempt at breaking up transactions in a bid to side-step the threshold value stated in the Act. In essence, multiple cash transactions may be summed up in determining whether the threshold value has been reached, and the prohibitory regime of the Act has been breached. This is not a strange approach in Nigeria, as a similar provision is contained in other laws in Nigeria.

There's no violation here. This is what the laundering money act says; "no individual or organization shall receive any sum above N5 million and N10 million respectively without passing through a financial institution". So far there's a record for that money being brought from the bank if you like carry all your money inside ship.

OldNairalander:
Money laundering is the process of concealing the origin of money, obtained from illicit activities such as drug trafficking, corruption, embezzlement or gambling, by converting it into a legitimate source. It is a crime in many jurisdictions with varying definitions. It is usually a key operation of organized crime

What I am saying here is, if Dangote goes to UBA and ask for 10billion of his personal money requesting a withdrawal and takes it to his house he has committed no crime


If Same Dangote goes ahead to take the 10billion cash to pay for Drugs, Corruption and gambling

He has committed money laundering

Moh247:


What I am saying here is, if Dangote goes to UBA and ask for 10billion of his personal money requesting a withdrawal and takes it to his house he has committed no crime

Mr man, Dangote cannot go to any bank and withdraw 10billion in cash. The new CBN policy does not permit that.

Even before the new CBN policy he cannot withdraw it without paying 3% cash handling charges. Do you know how much it translates to?

If Dangote use the said money for election buying on election day, it is not corruption right? and it doesn't amount to money laundering abii?
I need to be educated

Moh247:


What I am saying here is, if Dangote goes to UBA and ask for 10billion of his personal money requesting a withdrawal and takes it to his house he has committed no crime


If Same Dangote goes ahead to take the 10billion cash to pay for Drugs, Corruption and gambling

He has committed money laundering

OldNairalander:
If Dangote use the said money for election buying on election day, it is not corruption right? and it doesn't amount to money laundering abii?
I need to be educated

For you to be guilty of vote buying under electoral laws you must take the said 10 billion to a Polling Unit and distribute it to voters

If Dangote drove his 10 billion straight to his personal house without election polling unit in his bedroom he isn't laible of any offense

OldNairalander:
If Dangote use the said money for election buying on election day, it is not corruption right? and it doesn't amount to money laundering abii?
I need to be educated

Now EFCC must have to prove that Dangote moved the money from his house

And gave it to voters on an Election day while election are on going