helinues:


The irony of all this.. The people you guys have been supporting are now relegated in Nigeria Politics, Saraki , Ekwremadu, Dino, Shehu Sanni

While those you have been praying for their downfalls are being elevated.. Buhari, Osinbajo, Tinubu, Amaechi

Na new year we wan enter so, if you guys have decided to wail upon this year, then be mindful of Una health

itsme01:
]



foolish ex convict keep wheeping like your fellow nairaland wailer Old Dunce

let me also defend Tinubu here ojare make i fustrate wailers small

Any wailer that can succesfully point out the law which Tinubu violated wins a price





1. What is Money Laundering?
Money laundering according to the Act is when any person in or outside Nigeria directly or indirectly conceals or disguises the origin of; converts or transfers; removes from the jurisdiction; acquires, uses, retains or takes possession or control of; any fund or property, knowingly or which he/she should reasonably have known that such fund or property is, or forms part of the proceeds of an unlawful act.

‘Unlawful act’ includes – participation in an organized criminal group, racketeering, terrorism, terrorist financing, trafficking in persons, smuggling of migrants, sexual exploitation, sexual exploitation of children, illicit trafficking in narcotic drugs and psychotropic substances, illicit arms trafficking, illicit trafficking in stolen goods, corruption, bribery, fraud, currency counterfeiting, counterfeiting and piracy of products, environmental crimes, murder, grievous bodily injury, kidnapping, hostage taking, robbery or theft, smuggling (including in relation to customs and excise duties and taxes), tax crimes (related to direct taxes and indirect taxes), taxes crimes (related to direct taxes and indirect taxes) extortion, forgery, piracy, insider trading and market manipulation or any other criminal act



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.



3. Declaration when transporting cash overseas
The Money Laundering (Prohibition) Act 2011 states that any individual, who is transporting cash or negotiable instruments in excess of US$10,000, or its equivalent must be declared to the Nigerian Customs Service.

Non-declaration of the funds or false declaration is an offence that is punished upon conviction by the individual forfeiting the funds in question, or to imprisonment of not less than 2 years or to both.



4. Gambling in a Casino
If you gamble in casinos in Nigeria, then you should be aware that the Money Laundering (Prohibition) Act 2011 provides that a casino must verify the identity of its customers and record all transactions, including the nature and amount involved in each transaction, and this information shall be kept in a register and preserved for a period of at least 5 years after the last transaction recorded in the register.

Therefore the information about people who gamble in casinos is mandated by law to be kept for 5 years.



5. Data Retention by Financial Institutions and Designated Non-Financial Institutions
The Act provides that the above institutions shall keep a record of a customer’s identification for a period of at least 5 years after the closure of the account or the severance of relations with the customer.

This therefore means that irrespective of the fact that you have closed your account or dealings with the above institutions, they are still obliged by law to keep a record of your details.



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.



7. Numbered or Anonymous Accounts
The Money Laundering (Prohibition) Act 2011 makes it illegal to open or maintain a numbered or anonymous account in Nigeria. A numbered bank account is a type of bank account where the name of the account holder is kept secret, and they identify themselves to the bank by means of a code word known only by the account holder and a restricted number of bank employees, thus providing accountholders with anonymity in their financial transactions.

The offence is liable on conviction to a term of not less than 7 years but not more than 14 years imprisonment.



8. Money Laundering ‘Agent’, Conspirators, and Accessories
The Act makes it illegal for individuals to carry out money laundering activities on behalf of another person, when he/she knows or suspects that the other person is engaged in or has benefited from criminal conduct, and such an act is liable on conviction to imprisonment for a term not less than 5 years or to a fine equivalent to 5 times the value of the proceeds of the criminal conduct or both such imprisonment and fine.

The Money Laundering (Prohibition) Act further makes it a crime to conspire, aid, abet, incite, procure, induce or counsel any other person to commit a Money Laundering offence, commits an offence and is liable on conviction to the same punishment as is prescribed for that offence under this Act.

If you would like to read more about the laws, you can review them here:

•Money Laundering (Prohibition) Act 2011
•Money Laundering (Prohibition) (Amendment) Act 2012

Nvc078:
George ,please allow the living yoruba god to be. if you get him in,what will his worshipers do?

oyebanji44:
Baba has a deep sense of grievance against tinubu ever since 2015 presidential election. But what he forgets to know is that

The tinubu had set the ball rolling but to keep the game going, he needs our support .

Habakus:
I have argued before that Tinubu has absolutely no case to answer.
EFCC,DSS or whatever don't even need to investigate him.
It's not against any law of the land to bring in bullion vans into your compound on the eve of an election.
The contents of the van were not made public for people to see; so we can only speculate.
What if it was only tissue papers that were in the van?
Going by the logic that he should be investigated, if you carried any wrapped bag during that election period, then you should also be investigated. Who knows,maybe you were laundering money to sabotage the election.

Giftexx:
The bullion van may contain election materials not necessarily money.
...unfortunately, he can’t say it contains either

helinues:


The irony of all this.. The people you guys have been supporting are now relegated in Nigeria Politics, Saraki , Ekwremadu, Dino, Shehu Sanni

While those you have been praying for their downfalls are being elevated.. Buhari, Osinbajo, Tinubu, Amaechi

Na new year we wan enter so, if you guys have decided to wail upon this year, then be mindful of Una health

jahsharon:
Tinubu relegated you to ward politician in Lagos. Tinubu sent you to jail for stealing our money. Why then would you wish him well or say well of him?

DominusPrime:

And what business is tinubu's with election materials? Is he working for inec? Since when did party loyalists have access to transport election materials on behalf of inec? How daft can the Nigerian youth be? That u can even reason like this just to defend what's not depfendable is utterly shocking.

LastSurvivor11:



And kindly mention one thing you as a person has benefitted from the so called people you called elevated??
Just one!!

fkj950ax:


If I petition the Courts to subpeano Bankers WareHouse to declare the contents of it's vehicles who made a trip to Bourdilon on that date, then I can trump your argument above.

PS: I am neither pro or anti Jagaban. All I want is a country that gives opportunity to all equally.

jahsharon:
Tinubu relegated you to ward politician in Lagos. Tinubu sent you to jail for stealing our money. Why then would you wish him well or say well of him?

olisaEze:

Tinubu sent him to jail? This is new!

hisexcellency34:
Evidence to back up your claim

hisexcellency34:
Temidayo Akinsuyi, Lagos



https://www.independent.ng/i-wept-hearing-sagay-defending-tinubu-on-bullion-vans-allegation-bode-george/

Larryfest:
Oga ur weeping never start at all, all of una weeping still dey for store dey chill.

FEGNO:
IF WE WANT TO BE HONEST TO OURSELVES, BODE GEORGE LIKE HIM OR NOT IS TELLING THE TRUTH. IN ANY SANE COUNTRY WITH A DESIRE TO FIGHT CORRUPTION, TINUBU WILL BE BEHIND BARS. THERE ARE NO TWO WAYS OF LOOKING AT IT

Davash222:

The midget you called el-rufai is your master’s only nightmare.

naijaschoolguru:

Bros pls stop quoting me. Bode statement has no positive influence on me.i Know him very well, he dined and wined with these people, why is he wailing and lamenting now. Just because he has been denied getting an access to the national cake. Abegi all na watch audio wailing

Davash222:

It takes a pig to recognize a pig.

Larryfest:
Oga ur weeping never start at all, all of una weeping still dey for store dey chill.