A REVIEW OF THE MONEY LAUNDERING ACT 2022

Abstract President Muhammadu Buhari, on 12th May, 2022, signed the Money Laundering (Prevention and Prohibition) Act, into law to address the lethal effect of money laundering activities and related crimes in Nigeria and ensure compliance with international anti-money laundering instruments, best practices and standards spearheaded by the Financial Action Task Force. The Act repealed the Money Laundering (Prohibition) Act, No. 11, 2011 to provide an effective and comprehensive legal and institutional framework, for the prevention, prohibition, detection, prosecution and punishment of money laundering and other related offences in Nigeria. Equally, it established the Special Control Unit Against Money Laundering under the...