In 2012, government again replace it with the money laundering prevention act, 2012. Enacted by the national assembly of the federal republic of nigeria. These regulations amend the money laundering regulations 2007 s. Antimoney laundering act, 2008 act 749 5 a the retention or the control by or on behalf of that other person of the proceeds from unlawful activity is facilitated, or b the proceeds from that unlawful activity are used to make funds available to acquire property on behalf of. Money laundering prohibition amendment, 2012 a bill for an act to amend the money laundering prohibition act no. Pdf compendium of all lawscategories also available email. Section 19 of the money laundering and financing of terrorism prevention act, 2011. Unless there is anything repugnant in the subject or context, in this act a smuggling of money or property means. The act and rules notified there under impose obligation on banking companies, financial. Acts xxxi of 2001, iii of 2002, and iii and xiii of 2004. Enacted by the national assembly of the federal republic of nigeria part i. An act further to amend the prevention of moneylaundering act, 2002. The money laundering prohibition act, 2011 has repealed the money laundering prohibition act, 2004 by providing for, among other things, that no person or body corporate shall, except in a transaction executed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.
Pmla and the rules notified there under came into force with effect from july 1, 2005. Impact of money laundering and the financing of terrorism a money laundering money laundering can be described as the process by which a person conceals or. Prohibition and prevention of money laundering amendment act 2010. 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. An act to make better provisions for prevention and prohibition of money laundering, to provide for the disclosure of information on money laundering, to establish a financial intelligence unit and the national multidisciplinary committee on antimoney laundering and to provide for matters connected thereto. Amendment of antimoney launderingcombating the financing of. Dhaka, 20 february, 2012 08 falgun, 1418 the following act of parliament received the assent of the president on 20 february, 2012 08 falgun, 1418 and is hereby published for general information. The prevention of moneylaundering bill having been passed by both the houses of parliament received the assent of the president on 17th january, 2003. Prevention of money laundering act, 2002 wikipedia.
Money laundering prevention act, 2012 bangladesh customs. An act to make better provisions for prevention and prohibition of money laundering, to provide for the disclosure of information on money laundering, to establish a financial intelligence unit and the national multidisciplinary committee on antimoney laundering and to. The antimoney laundering and combating of financing of. It was replaced by the money laundering prevention ordinance 2008. An act of parliament to provide for the offence of money laundering and to introduce measures for combating the offence, to provide for the. Act 731 money services business act 2011 date of royal assent 26aug2011 date of publication in the gazette 15sep2011 an act to provide for the licensing, regulation and supervision of money services business and to provide for related matters. The prevention of moneylaundering amendment act, 2005. This act amends the money laundering prohibition act, no. Amendment of section 25 section 25 of the principal act is amended by deleting immediately after the word forfeit in line 4, the expression, not less than 25% of. Contravention of section 24a of the arms act, 1959 relating to prohibition.
This was repealed by the money laundering prohibition act of 2003. An act to repeal the money laundering act, 1995 no 3 and enact a new money laundering act. Pdf the nigerian money laundering prevention and prohibition. Being an act to provide for the criminalization of money laundering and financing of terrorism, the establishment of.
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. Antimoney laundering and combating of financing of. Details about amendments and sections of the act are also available. The act was first passed in 2004 as the money laundering prohibition act, 2004. The principal act is amended by repealing section 2 and substituting for itthe following provision. Financial institutions act 2005 money laundering and financing of terrorism prevention act 2011 mlftpa applicable to lawyers.
Money laundering prohibition act, 2011 as amended and the terrorism prevention act, 2011 as amended. The nigerian money laundering prevention and prohibition. 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. Money laundering and financing of terrorism offences for extradition purposes. The 2007 regulations implement in part directive 200560ec oj no l 309, 25. Be it enacted by parliament in the sixtieth year of the republic of india as follows. The nigerian money laundering prevention and prohibition bill, 2016.
The first antimoney laundering legislation in bangladesh was the money laundering prevention act, 2002. This was in operation for only ten months before it was again repealed by the money laundering prohibition act of 2004. In this act, unless the c interpretation ontext otherwise requires authorised officer means an officer authorised by the. An act further to amend the prevention of money laundering act, 2002. Prevention of money laundering amendment act year 2017. Prevention of money laundering act, 2002 is an act of the parliament of india enacted by the nda government to prevent moneylaundering and to provide for confiscation of property derived from moneylaundering. The anti money laundering and combating of financing of terrorism act, 2012. The money laundering prohibition act, 2011 mlpa, terrorism prevention act, 2011, central bank of nigeria antimoney laundering combating the financing of terrorism amlcft regulation, 2009 as amended and other amlcft guidelines provide guidance to bank examiners to carry. The 2004 money laundering prohibition act was finally repealed by the 2011 money.
Model legislation on money laundering and financing of. Find information about the prevention of moneylaundering amendment act, 2009 which includes amendments in section 2, 5, 6 and 8 of the prevention of moneylaundering act, 2002. Money laundering prevention act,2012 bangla english. Duty to report international transfer of funds and securities. Users can get information regarding the act, its objectives, short title and commencement. Any act constituting a misdemeanour or a felony under. Subsequently, the ordinance was repealed by the money laundering prevention act, 2009. An act to repeal the money laundering prohibition act 2004 and enact the. An act to repeal the money laundering prohibition act, 2004 and enact the money laundering prohibition act, 2011. Overview of key sections of nigerias money laundering prohibition. Prohibition imposed on transfer, conversion, disposition, movement, or.
The economic implications of money laundering in nigeria. Although the money laundering prohibition act 2011 as amended sufficiently addressed observed. Prohibition and prevention of money laundering amendment. It came on the statute book as the prevention of moneylaundering act, 2002 15 of 2003. An insight into the money laundering prohibition act core. This act may be cited as the proceeds of crime antimoney laundering and antiterrorist financing supervision and enforcement act 2008. The first legislative framework established to combat money laundering was the money laundering decree of 1995.
437 703 415 1309 1069 1562 184 1538 1632 270 956 823 1110 955 506 452 640 896 99 1460 1342 924 82 1285 487 205 516 310 1515 1395 1154 584 1453 340 256 633 241 830 324 1007 1481 252 1252 1224 142 480 394