Before You Judge Mompha Or Air Peace Allen Onyema, Read This - Crime

Before You Judge Mompha Or Air Peace Allen Onyema, Read This - Crime - Nairaland

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Before You Judge Mompha Or Air Peace Allen Onyema, Read This by vooomwriter(op): 3:01pm On Nov 25, 2019

According to Nigerian law, any rich person or even business individual can be a money launderer by some simple mistakes.

Quick quotes from https://lawpadi.com/8-things-the-average-nigerian-should-know-about-the-money-laundering-act-2011/

2. Cap on Cash Transactions

The Money Laundering (Prohibition) Act 2011 makes it illegal for any individual to accept or make any cash payment that exceeds N5m (Five Million Naira). This means that every cash transaction over N5m must be done via a financial institution.

Any person found guilty of contravening this is liable to imprisonment for a term of not less than 3 years or a fine of N10m (Ten Million Naira) or to both.

6. Obligation to report to the Economic and Financial Crimes Commission (EFCC)

The Act provides that financial institutions and designated non-financial institutions are obliged to report to the EFCC any single transaction, lodgement or transfer of funds in excess of N5m (Five Million Naira) within 7 days.

Therefore individuals should be aware that if they make such transactions, such transactions would be liable to be monitored by the EFCC.

So who are these Designated non financial institutions that should report transactions to EFCC?

According to https://www.scuml.org/faqs/ Section 25 of the ML (P) Act defines DNFIs as dealers in Jewellery, Cars and Luxury Goods, Precious Stones and Metals, Real Estate, Estate Developers, Estate Surveyors and Valuers, Estate Agents, Chartered Accountants, Audit Firms, Tax Consultants, Clearing and Settlement Companies, Hotels, Casinos, Supermarkets, Dealers in Mechanized Farming Equipment and Machinery, Practitioners of Mechanized Farming, Non Governmental Organizations (NGOs) or such other businesses as the Federal Ministry of Trade and Investment or appropriate regulatory authorities may from time to time designate.

Your business, subsidiary or even side hustle can make you a money launderer in Nigeria.

So before you conclude on Mompha or Air Peace boss Allen Onyema, think about the above.