Legal Alert - Money Laundering (Prohibition) Act 2011

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The Money Laundering (prohibition) Act, 2011 has repealed the Money Laundering (Prohibition) Act 2004.

The Money Laundering (Prohibition) Act 2011 makes for comprehensive provisions prohibiting the financing of terrosim, the laundering of the proceeds of a crime, or of any illegal activity.

The Money Laundering (Prohibition) Act 2011 also makes provisions for penalties and fines, and expands the scope of the supervisory and regulatory authorities to address the money laundering problems in Nigeria.

Under the Money Laundering (Prohibition) Act 2011, it is irrelevant the jurisdiction or jurisdictions within which a money laundering offence was committed.

Banker/customers confidentiality as are Legal Practitioners and Clients confidentiality inapplicable in money laundering prosecution and the giving of evidence.

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Published In: Business Organization Updates, General Business Updates, Finance & Banking Updates, Tax Updates, Government Contracting Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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