Overview of the prevention of money laundering act,2002 6. This act m short title and commencement ay be cited as the prohibition and prevention of money laundering act, 2001 and shall come in to operation on. The antimoney laundering and combating of financing of. The nigerian government has passed into law the sovereign investment authority establishment, etc. Prevention of money laundering amendment act, 2009 7. This act may be cited as the antimoney laundering amendment act, 2012 and shall be read as one with the antimoney laundering act, hereinafter referred to asthe principal act.
Enacted by the president and the national assembly. Antimoney laundering and antiterrorism financing amendment 1 a bill i n t i t u l e d an act to amend the antimoney laundering and antiterrorism financing act 2001 and the antimoney laundering amendment act 2003. The antimoney laundering act, 2006 arrangement of sections section title part. Money laundering prevention act, 2012 bangladesh customs. An overview of the money laundering prohibition act 2011 in a bid to install and improve on an antimoney laundering regime in nigeria and fight the financing of terrorism, the money laundering prohibition act 2011 the 2011 act was enacted. Antimoney laundering act, 2008 act 749 4 the seven hundred and fortynineth act of the parliament of the republic of ghana entitled antimoney laundering act, 2008 an act to prohibit money laundering, establish a financial intelligence centre and to provide for related matters. This section sets out the name of the instrument, i. It came on the statute book as the prevention of money laundering act, 2002 15 of 2003. Prohibition on money laundering law, 57602000 chapter one. The latter is generally the motivation for most crimes associated with money laundering. Prevention of money laundering amendment act year 2017. Proceeds of crime and antimoney laundering amendment act, 2017 introduction the fight against money laundering is recognised internationally as a pillar of national security and one of the marks of a strong financial system. The provisions of the act shall apply in relation to a a person who commits an offence under the provisions of this act whilst being resident in sri lanka. Laws against money laundering were created to use against organized crime during the period of prohibition in the united states during the 1930s.
Nov 24, 2010 prohibition and prevention of money laundering amendment. The income tax department never asks for your pin numbers, passwords or similar access information for credit cards, banks or other financial accounts through email the income tax department appeals to taxpayers not to respond to such emails and not to share information relating to their credit card, bank and other financial accounts. Enacted by the national assembly of the federal republic of nigeria part i. Act, 2011 nswf act, to among other things, establish a nigerian sovereign investment authority. Chartered accountants, audit firms, tax practitioners, casinos. Whereas, it is expedient to provide for prevention of money laundering combating financing of terrorism and forfeiture of property derived from, or involved in, money laundering or financing of terrorism and for matters connected therewith or incidental thereto. Overview of key sections of nigerias money laundering prohibition. Money laundering prohibition act, 2011 a bill for an act to repeal the money laundering prohibition act, 2004 and enact the money laundering prohibition act, 2011.
It came on the statute book as the prevention of moneylaundering act, 2002 15 of 2003. The principal act is amended by repealing section 2 and substituting for itthe following provision. Prohibition on money laundering obligations of identification, reporting and keeping records of the postal bank to prevent money laundering and terrorism financing order, 57712011. Shaw president an act to amend the money laundering prevention act, 2000act no. This section specifies that the instrument commences on 1 november 2011. Commencement enacted by the national assembly of the federal republic of nigeria part 1 prohibition of money laundering 1. Asset money laundering prevention act, 2008 date of authentication and publication. Global institutions such as the united nations and financial action. By doing this the act aims to maintain the integrity of the financial system. The prevention of moneylaundering bill having been passed by both the houses of parliament received the assent of the president on 17th january, 2003. Be it enacted by the parliament of the democratic socialist republic of sri lanka as follows. Prohibition and prevention money bill national assembly. The prevention of money laundering amendment act, 2005.
Vii of 2010 27 an act to provide for prevention of money laundering. Being an act to provide for the criminalization of money laundering and financing of terrorism, the establishment of structures to implement this and for other related matters. This comprehensive legislation was introduced in the lok sabha on 18 august 2011 and is currently being examined by the standing committee on finance. An act to repeal the money laundering act, 1995 no 3 and enact a new money laundering act. Prohibition and prevention of money laundering amendment. As ammended upto december 2015 antimoney laundering act, 2010 act no. As ammended upto december 2015 anti money laundering act, 2010 act no. An act to repeal the money laundering prohibition act, 2004 and enact the. Money laundering prohibition act nigerian law guru. Organized crime received a major boost from prohibition and a large source of new funds that were obtained from illegal sales of alcohol. It is also an offence to knowingly retain the proceeds of a criminal activity, or to conspire, aid and abet the commission of a money laundering offence. In this act, unless the context otherwise requires. Vii of 2010 an act to provide for prevention of money laundering whereas it is expedient to provide for prevention of money laundering, combating financing of terrorism and forfeiture of property derived from, or involved in, money.
Part ii the financial intelligence unit and the national committee establishment of the financial intelligence unit. Antimoney laundering and counterterrorism financing rules. The act amends the money laundering act, no 11 of 2011 to expand the scope of. These regulations amend the money laundering regulations 2007 s. Antimoney laundering and antiterrorism financing amendment. Duty to repot1 international transfer of funds and securities. Jul, 2011 the financial intelligence centre act also sets up a regulatory anti money laundering regime, which is intended to break the cycle used by organised criminal groups to benefit from illegitimate profits. The prevention of money laundering bill having been passed by both the houses of parliament received the assent of the president on 17th january, 2003. Prohibition on money laundering obligations of identification, reporting and keeping of records by insurer and insurance agent order, 57622001. This act may be cited as the prohibition and prevention of money laundering amendment act, 2010, and shall be read as one with the prohibition and prevention of money laundering act, 2001, in this act referred to as the principal act.
Prohibition act 2011,4 the later repealing the money laundering. Pdf no clear link has yet been made between tax evasion and money laundering although many or all of. Money laundering prohjbltlon act, 2011 a bill for an act to repeal the money laundering prohibition act, 2004 and enact the money laundering prohibition \ct. For the purposes of this law, a terrorist act means the criminal offence specified in the treaties listed in the annex to the international convention for the suppression of the financing of terrorism, as well as any other act intended to cause death. The penalty for making or accepting cash contrary to the provisions of the money laundering prohibition act 2011 is a forfeiture of 25% of the excess amount received or transferred. The anti money laundering and combating of financing of terrorism act, 2012. Effective november 18, 1988, section 6050if, as enacted in the antidrug abuse act of 1988, expressly prohibits the structuring of transactions for the purpose of evading the statutes reporting requirements. This act may be cited as the prevention of money laundering act, no. Asset money laundering prevention act, 2008 preamble. Terrorism financing offences extend to any person who solicits, acquires, receivesi possesses or makes available funds.
And for related matters 24th may, 2003 commencement enacted by the national assembly of the federal republic of nigeria part iprohibition of money laundering. This act amends the money laundering prohibition act, no. Nigeria enacted a standalone law called terrorism prevention act, 2011 that criminalises the act of terrorism and its financing. The prevention of moneylaundering amendment act, 2005. Rules under the prevention of money laundering act, 2002 8. The financial intelligence centre act also sets up a regulatory antimoney laundering regime, which is intended to break the cycle used by organised criminal groups to benefit from illegitimate profits. This is the proclamation date in respect to commencement of certain sections of the cfpsom and cost recovery. As originally enacted, section 6050i did not contain any prohibition against structuring. Prohibition on money laundering obligations of identification, reporting and keeping records of the postal bank to prevent money laundering and terrorism financing order, 5771 2011.
Commencement enacted by the national assembly of the federal republic of nigeria. Legal alert october 2011 money laundering prohibition act, 2011 2. Whereas it is expedient to provide for the prevention of laundering of criminal proceeds, the legislatureparliament has enacted this act. This act may be cited as the anti money laundering amendment act, 2012 and shall be read as one with the anti money laundering act, hereinafter referred to asthe principal act. The money laundering regulation in nigeria law teacher.
Money laundering in nigeria meaning, causes, history, laws. The principal act is amended in the long title by the deletion. This act provides for the repeal of the money laundering act 2003 b. Duty to report international transfer of funds and securities. Amendment of the electronic money regulations 2011. Pdf establishing the link between money laundering and tax. Occasional cash transaction by designated nonfinancial institutions. An act to repeal the money laundering prohibition act, 2004 and enact the money. The money laundering prohibition act, 2011 has repealed the money laundering prohibition act, 2004 by providing for, among other things, that no person or body corporate shall, except in a transaction executed through a licensed financial institution, make or accept cash payments of a sum exceeding n5,000,000 five million naira or its equivalent in the case of an individual, or n10,000. To tighten loose ends in the 2004 act, the national assembly passed the 2011 money laundering prohibition act, the president signed it into law on june 3, 2011, and it became the existing law on money laundering in nigeria. Be it enacted by the parliament of the commonwealth of dominica asfollows.
Enacted by the president and members of parliament in this present parliament assembled. Obligations of banking companies, financial institutions and intermediaries 10. Prevention of money laundering amendment bill, 2011 9. Prohibition and prevention of money laundering amendment act 2010. Federal act on combating money laundering and terrorist financing antimoney laundering act, amla1 of 10 october 1997 status as of 1 january 2016 the federal assembly of the swiss confederation, based on articles 95 and 98 of the federal constitution2,3 and having considered the federal council dispatch dated 17 june 19964, decrees. The motivation behind terrorist financing is ideological as opposed to profit seeking. It will iron out the infirmities in the benami transaction prohibition act, 1988 and formalize the procedure for implementing the. Preliminary provisions short title and commencement. This act expanded the scope of the money laundering prohibition. An insight into the money laundering prohibition act core. The money laundering and terrorist financing legislation. This act may be cited as the money laundering act, 2003. Money laundering prohibition amendment act, 2012 arrangement of sections section.