Nigeria · Nigeria
Money Laundering (Prevention and Prohibition) Act 2022
Primary LegislationIn Force
- Issuing authority
- EFCC, NFIU, supervisors (CBN, SEC, NAICOM, etc.)
- Effective date
- Signed into law 12 May 2022; replaced the 2011 Act
- Scope
- EFCC, NFIU, supervisors (CBN, SEC, NAICOM, etc.)
Key requirements
Nigeria's main AML law. It replaced the older 2011 Act with a much stronger framework. Makes money laundering a criminal offence with up to 14 years in prison. Brings designated non-financial businesses (lawyers, accountants, real estate agents, dealers in precious stones, NGOs, etc.) properly into scope. Sets out customer due diligence requirements, suspicious transaction reporting to NFIU, and creates the Special Control Unit Against Money Laundering (SCUML) under EFCC for DNFBP supervision. Part of Nigeria's reforms to address FATF mutual evaluation findings and work toward grey list exit.