Measures To Prevent Of Money Laundering

Sub 1(a)

Instituting a comprehensive domestic regulatory and supervisory regime for banks and non-bank financial institutions that provide formal and informal services for transmission of money or value; And bodies susceptible to money laundering

ECONOMIC AND FINANCIAL CRIMES COMMISSION (ESTABLISHMENT)ACT 2004, SCUML; NFIU; MONEY LAUNDERING (PROHIBITION)ACT 2011; CENTRAL BANK OF NIGERIA ANTI-MONEY LAUNDERING/COMBATING FINANCING OF TERRORISM COMPLIANCE MANUAL FOR BANKS AND OTHER FINANCIAL INSTITUTIONS IN NIGERIA (MARCH 2009)

http://resourcedat.com/wp-content/uploads/2011/11/Economic-and-Financial-Crimes-Commission-Establishment-Act-2004-1.pdf

https://www.google.com.ng/url?sa=t&rct=j&q=&esrc=s&source=web&cd=3&cad=rja&ved=0CD0QFjAC&url=http%3A%2F%2Fresourcedat.com%2Fblog%2F2012%2F02%2F24%2Fmoney-laundering-act-2011%2F&ei=UzHtUfLtII6w7AaH2YAw&usg=AFQjCNFJvXw8aIKynZMK4lZ133D81EjtEg&sig2=LbsDX4Za3NJUt3yEy1OyQQ&bvm=bv.49478099,d.ZGU

Sub 1(b)

Consider the establishment of a financial intelligence unit to serve as a national centre for the collection, analysis and dissemination of information regarding potential money-laundering

ECONOMIC AND FINANCIAL CRIMES COMMISSION ; NIGERIAN FINANCIAL INTELLIGENCE UNIT

Sub 2-3 A(a-c)

Requirement for individuals and businesses to report cross-border transfer of substantial quantities of cash and appropriate negotiable instruments; Measures to ensure that accurate and meaningful information on the originator of funds transfer is provided and to ensure that  the information is maintained.

KNOW YOUR CUSTOMER DIRECTIVE(CBN,NDIC & EFCC INIITIATIVE); BANKS  AND OTHER FINANCIAL INSTITUTIONS ACT (    ) MONEY LAUNDERING EXAMINATION PROCEDURE/METHODOLOGY GUIDANCE NOTE

Sub 4&5

Ensure that State Parties use the relevant initiatives  and bilateral cooperation of regional, interregional and multilateral organizations against money laundering;

About Author: Integrity Org

Integrity Organization is committed is an anti-corruption, research and advocacy organization. Its activities are centered on the aim to reduce the tolerance for corruption in Nigeria.

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