Ov

erv
iewofI
nnov
ati
vepr
ovi
sionsofMoneyLaunder
ing(
Prev
ent
ionand
Pr
ohi
bit
ion)Act
,2022

TheMoneyLaunder
ing(
Prev
ent
ionandPr
ohi
bit
ion)Act
,2022i
sunquest
ionabl
ythe
mostpopul
arl
awi
nNi
ger
iar
ightnow,
owi
ngt
oit
sbr
oadscopeandr
evol
uti
onar
ynat
ure.
TheLawcomesi
nhandyf
orbot
hlawy
ersandnon-
lawy
ers.Thesi
gni
ngoft
hisl
awnot
onl
yst
rengt
henedt
heAnt
i-
MoneyLaunder
ing/
Combat
ingt
heFi
nanci
ngofTer
ror
ism
(
AML/
CFT)f
ramewor
kint
hecount
ry,buthasal
sopr
ovi
dedenoughpuni
ti
vemeasur
es
andcont
ainmentst
rat
egi
esagai
nstabusesandcompr
omi
ses.

TheActwhi
chwassi
gnedi
ntol
aw i
nMay2022,hasa31-
sect
ionl
aw di
vi
dedi
nto5
par
ts,pr
ovi
dingf
oranef
fect
iveandcompr
ehensi
vel
egalandi
nst
it
uti
onalf
ramewor
k
f
ort
he pr
event
ion,pr
ohi
bit
ion,det
ect
ion,pr
osecut
ion and puni
shmentofmoney
l
aunder
ingandot
herr
elat
edof
fencesi
nNi
ger
ia.Thel
aw r
epeal
stheer
stwhi
l
eMoney
Launder
ing (
Prohi
bit
ion)Act
,2011. Wi
tht
he Money Launder
ing (
Prev
ent
ion and
Pr
ohi
bit
ion)Act
,2022,Ni
ger
ia now has a uni
que l
aw appl
i
cabl
ethr
oughoutt
he
f
eder
ati
onwi
thr
espectt
omoneyl
aunder
ingof
fences.

The l
aw has been descr
ibed as t
he much-
awai
ted r
evol
uti
on i
nthe f
ightagai
nst
cor
rupt
ionandmoneyl
aunder
ingast
heMoneyLaunder
ingActexi
sti
ngbef
oret
he
comi
ngi
ntof
orceoft
hisl
awhasl
osti
tscapaci
tyt
orespondqui
ckl
ytot
heneedsoft
he
soci
ety
,check t
he r
isi
ng wav
es of money l
aunder
ing i
nthe count
ry,speedi
l
y
br
ingcr
imi
nal
stobook.

Sect
ion1oft
heMoneyLaunder
ing(
Prev
ent
ionandPr
ohi
bit
ion)Act
,2022i
sov
ert
lyapt
i
n expl
aini
ng t
he obj
ect
ives oft
he Actt
hus:(
a)pr
ovi
de f
oran ef
fect
ive and
compr
ehensi
vel
egaland i
nst
it
uti
onalf
ramewor
kfort
he pr
event
ion,pr
ohi
bit
ion,
det
ect
ion,
prosecut
ionandpuni
shmentofmoneyl
aunder
ingandot
herr
elat
edof
fences
i
nNi
ger
ia;(
b)st
rengt
hent
heexi
sti
ngsy
stem f
orcombat
ingmoneyl
aunder
ingand
r
elat
ed of
fences;(
c)make adequat
e pr
ovi
sions t
o pr
ohi
bitmoneyl
aunder
ing;(
d)

Electronic copy available at: https://ssrn.com/abstract=4122403

expandt
hescopeofmoneyl
aunder
ingof
fencesandpr
ovi
deappr
opr
iat
epenal
ti
es,
and
(
e)est
abl
i
sht
heSpeci
alCont
rolUni
tAgai
nstMoneyLaunder
ingundert
heEconomi
c
andFi
nanci
alCr
imesCommi
ssi
onf
oref
fect
ivei
mpl
ement
ati
onoft
hemoneyl
aunder
ing
pr
ovi
si
ons oft
he Acti
nrel
ati
on t
othe desi
gnat
ed non-
fi
nanci
albusi
nesses and
pr
ofessi
ons.
Weshal
ltakeal
ookatsomeoft
hei
nnov
ati
vepr
ovi
sionsoft
heActwhi
chweconsi
der
t
obemi
l
est
onemat
ter
sasf
oll
ows:

1.Li
mit
ati
ont
omakeoracceptcashpay
ment
Sect
ion2(
2)oft
heActpr
ohi
bit
stheconductoft
woormor
etr
ansact
ionssepar
atel
yby
aper
sonwi
thoneormor
efi
nanci
ali
nst
it
uti
onsordesi
gnat
ednon-
fi
nanci
albusi
nesses
andpr
ofessi
onswi
tht
hei
ntentt
oav
oidt
hedut
ytor
epor
tat
ransact
ionwhi
chshoul
dbe
r
epor
tedundert
hisAct
,andbr
eacht
hedut
ytodi
scl
osei
nfor
mat
ionundert
hisactby
anyot
hermeans.

2.I
dent
if
icat
ionofcust s1
omer
I
naddi
ti
ont
otheexi
sti
ngobl
i
gat
ionsi
mposedonRel
evantI
nst
it
uti
onst
o,amongot
her
s,
i
dent
if
yandv
eri
fyt
hei
dent
it
yoft
hei
rcust
omer
swhet
heraper
manentoroccasi
onal
,
2
nat
uralorl
egalper
sonandi
dent
if
ythebenef
ici
alowner,t
heActi
mposedaf
urt
her
obl
i
gat
ionont
heRel
evantI
nst
it
uti
onst
otaker
easonabl
emeasur
est
oensur
ethat
any
bodypur
por
ti
ngt
oactonbehal
fofacust
omeri
ssoaut
hor
isedandv
eri
fyt
he
i
dent
it
yoft son3.
hatper

3.Det
ermi
nat
ionofPol
it
ical
l sons4
yExposedPer
TheActi
mposesanobl
i
gat
iononf
inanci
ali
nst
it
uti
onsordesi
gnat
ednon-
fi
nanci
al
busi
nessand
Pr
ofessi
on(
her
einaf
teri
nthi
sar
ti
cler
efer
redt
oas“
Rel
evantI
nst
it
uti
on”
)tounder
take

1
Secti
on4oftheAct
2
Secti
on4(1)(a,b,&c)oft
heAct
3
Serct
ion4(1)(d)oft
heAct
4
Secti
on30oftheActprovi
desf
orthemeani
ngofPol
i
tical
l
yexposedper
sons

Electronic copy available at: https://ssrn.com/abstract=4122403

cust
omerduedi
l
igencemeasur
eswhenest
abl
i
shi
ngbusi
nessr
elat
ionshi
ps;car
ryi
ng
outoccasi
onalt
ransact
ionsabov
etheappl
i
cabl
edesi
gnat
edt
hreshol
dpr
escr
ibedby
r
elev
antr
egul
atons5,and puti
i n pl
aceappr
opr
iat
eri
skmanagementsy
stemsand
pr
ocedur
est
odet
ermi
newhet
heracust
omerort
hebenef
ici
alownerofacust
omeri
sa
pol
i
tical
l son6.Fur
yexposedper ther
mor
e,t
heActcl
assi
fi
edPol
i
tical
l
yExposedper
sons
i
ntot
wo(
2)cat
egor
ies:For
eignpol
i
tical
l
yexposedper
sonsandDomest
icpol
i
tical
l
y
exposedper
sons.

I
nrel
ati
ont
o af
orei
gnpol
i
tical
l
yexposedper
son,t
heRel
evantI
nst
it
uti
onshal
lin
addi
ti
ont
oot
herr
equi
rement
soft
heAct
:(a)obt
ainseni
ormanagementappr
oval
bef
oreest
abl
i
shi
ng(
orcont
inui
ng,f
orexi
sti
ngcust
omer
s)suchbusi
nessr
elat
ionshi
ps;
(
b)t
aker
easonabl
emeasur
est
oest
abl
i
sht
hesour
ceofweal
thandt
hesour
ceoff
unds
ofcust
omer
sandbenef
ici
alowner
sident
if
iedaspol
i
tical
l
yexposedper
sons;and(
c)
7
conductenhancedongoi
ngmoni
tor
ingont
hatr
elat
ionshi
p. I
nrel
ati
ont
oadomest
ic
8
pol
i
tical
l
yexposedper
sonsorper
son,
theabov
edut
iesext
endt
othem.

4.Rest
ri
cti
ononLawy
er-
Cli
entConf
ident
ial
it
yPr
ivi
lege
Al
lor
alorwr
it
tencommuni
cat
ionsmadebyacl
i
entt
ohi
slawy
eri
nthenor
malcour
se
9
ofpr
ofessi
onalempl
oymentar
epr
ivi
l
eged. Howev
er,suchcommuni
cat
ionscannotbe
di
scl
osedbyt
hel
awy
erexceptwi
tht
heconsentofhi
scl
i
ent
sorasmaybeper
mit
tedby
10
l
aw. Thi
sActexcl
udest
heappl
i
cat
ionofl
awy
er-
cli
entconf
ident
ial
i
typr
ivi
l
eget
othe
f
oll
owi
ngspeci
fi
ctr
ansact
ions:(
a)t
hepur
chaseorsal
eofpr
oper
ty;
(b)t
hepur
chaseor
sal
eofanybusi
ness;(
c)t
hemanagi
ngofcl
i
entmoney
,secur
it
iesorot
herasset
s;(
d)
t
heopeni
ngormanagementoft
hebank,
sav
ingsorsecur
it
iesaccount
s;(
e)t
hecr
eat
ion,
oper
ati
onormanagementoft
rust
s,compani
esorsi
mil
arst
ruct
ures;or(
f)any
thi
ng

5
Secti
on4(2)oft
heAct
6
Secti
on4(7)oft
heAct
7
Secti
on4(8)oft
heAct
8
Secti
on4(9)oft
heAct
9
Rule19(
1)RPC2007
10
Rul
e19(3)RPC2007

Electronic copy available at: https://ssrn.com/abstract=4122403

 11
pr
oducedi
nfur
ther
anceofanyunl
awf
ulact
.

5.Pr
ohi
bit
ionofnumber
edoranony
mousaccount
s,account
sinf
ict
it
iousnames
andshel
lbanks.
TheActpr
ohi
bit
stheopeni
ngormai
ntai
ningofnumber
edoranony
mousaccount
sby
anyper
son,f
inanci
ali
nst
it
uti
onorbodycor
por
ate.Noper
soni
sper
mit
tedt
oest
abl
i
sh
oroper
ateashel
lbanki
nNi
ger
iaandRel
evantI
nst
it
uti
onsshal
lnotent
eri
ntoor
cont
inuecor
respondentbanki
ngr
elat
ionshi
pswi
thshel
lbanks,andt
heymustsat
isf
y
i
tsel
fthatar
espondentf
inanci
ali
nst
it
uti
oni
naf
orei
gncount
rydoesnotper
miti
ts
12
account
stobeusedbyshel
lbanks.

Ashel
lbankmeansabankt
hati
snotphy
sical
l
ylocat
edi
nthecount
ryi
nwhi
chi
tis
i
ncor
por
atedandl
i
censedandwhi
chi
sunaf
fi
li
atedwi
thar
egul
atedf
inanci
algr
oupt
hat
13
i
ssubj
ectt
oef
fect
iveconsol
i
dat
edsuper
visi
on.

Addi
ti
onal
l
y,anyper
son,f
inanci
ali
nst
it
uti
onorbodycor
por
atet
hatcont
rav
enest
he
abov
epr
ovi
sionscommi
tsanof
fenceandi
sli
abl
eonconv
ict
iont
o(a)i
nthecaseofan
i
ndi
vi
dual
,at
erm ofi
mpr
isonmentofatl
eastt
woy
ear
sbutnotmor
ethanf
ivey
ear
s;or
(
b)i
nthecaseofaf
inanci
ali
nst
it
uti
onorbodycor
por
ate,
afi
neofatl
eastN10,
000,
000
butnotmor
ethanN50,
000,
000,i
naddi
ti
ont
o—(
i)t
hepr
osecut
ionoft
hepr
inci
pal
of
fi
cer
soft
hebodycor
por
ate,
and(
ii
)thewi
ndi
ngupandpr
ohi
bit
ionofi
tsconst
it
uti
on
14
ori
ncor
por
ati
onunderanyf
orm orgui
se.

6.I
dent
if
icat
ion and AssessmentofNew pr
oduct
s,busi
ness pr
act
ices and
t
echnol
ogi
esf
ormoneyl
aunder
ingandt
err
ori
sm Fi
nanci
alRi
sks
Thi
sActi
ntr
oducedanobl
i
gat
ionont
heRel
evantI
nst
it
uti
onst
oident
if
yandassesst
he
moneyl
aunder
ingandt
err
ori
sm f
inanci
ngr
iskst
hatmayar
isef
rom t
hedev
elopmentof

11
Sect
ion11(4)oftheAct
12
Sect
ion12(1,2,
&3)oftheAct
13
Sect
ion30oftheAct
14
Sect
ion12(4)oftheAct

Electronic copy available at: https://ssrn.com/abstract=4122403

new pr
oduct
s,busi
nesspr
act
ices,t
echnol
ogi
es,del
i
ver
ymechani
smsandt
heuseof
15
newordev
elopi
ngt
echnol
ogi
esf
orbot
hnewandpr
e-exi
sti
ngpr
oduct
s. Toact
ual
i
se
t
hisobl
i
gat
ion,
theRel
evantI
nst
it
uti
onsar
erequi
redt
ounder
taket
her
iskassessment
s
pr
iort
othel
aunchoruseofsuchpr
oduct
s,busi
nesspr
act
icesandt
echnol
ogi
esand
16
t
akeappr
opr
iat
emeasur
est
omanageandmi
ti
gat
ether
isks.

7.TheSpeci
alCont
rolUni
tAgai
nstMoneyLaunder
ing
TheSpeci
alCont
rolUni
tAgai
nstMoneyLaunder
ing(
SCUML)wasf
ir
stest
abl
i
shedby
t
heFeder
alGov
ernmentofNi
ger
iai
n2005undert
heFeder
alMi
nist
ryofI
ndust
ry,
Trade
andI
nvest
ment
,andi
twor
ksi
ncol
l
abor
ati
onwi
tht
heEconomi
candFi
nanci
alCr
imes
Commi
ssi
on (
EFCC)
.Howev
er,t
his Actnow gav
e a st
atut
ory backi
ng t
othe
est
abl
i
shmentofSCUML and char
ge i
twi
tht
he r
esponsi
bil
i
tyofsuper
visi
ng t
he
Rel
evantI
nst
it
uti
onsi
nthei
rcompl
i
ancewi
tht
heAct
,rel
evantl
awsandappl
i
cabl
e
r
egul
ati
ons.
Ot
herf
unct
ionsofSCUMLar
eto—
(
a)r
egi
sterand cer
ti
fydesi
gnat
ed non-
fi
nanci
albusi
nessesand pr
ofessi
onsi
n
accor
dance wi
tht
he pr
ovi
sions oft
his Act
,rel
evantl
aws and appl
i
cabl
e
r
egul
ati
ons;
(
b)moni
torandsuper
visedesi
gnat
ednon-
fi
nanci
albusi
nessesandpr
ofessi
onsi
n
accor
dance wi
tht
he pr
ovi
sions oft
his Act
,rel
evantl
aws and appl
i
cabl
e
r
egul
ati
ons;

(
c)t
akenecessar
yenf
orcementact
ionst
oensur
ecompl
i
ancewi
tht
hisAct
,rel
evant
l
awsandappl
i
cabl
eregul
ati
ons;

(
d)conductof
f-
sit
e,on-
sit
e,andont
hespotchecks,i
nspect
ionofdesi
gnat
ednon-
f
inanci
albusi
nessesand pr
ofessi
onsf
ort
hepur
posesofmoneyl
aunder
ing
cont
rol
andsuper
visi
on;

(
e)est
abl
i
shandmai
ntai
nacompr
ehensi
vedat
abaseofdesi
gnat
ednon-
fi
nanci
al

15
Sect
ion13(
1)oft
heAct
16
Sect
ion13(
2)oft
heAct

Electronic copy available at: https://ssrn.com/abstract=4122403

 busi
nessesandpr
ofessi
ons;

(
f)r
ecei
vecash-
basedt
ransact
ionr
epor
tsandcur
rencyt
ransact
ionr
epor
tsf
rom
desi
gnat
ednon-
fi
nanci
albusi
nessesandpr
ofessi
onsi
naccor
dancewi
tht
he
pr
ovi
sionsoft
hisAct
;

(
g)sensi
ti
sedesi
gnat
ednon-
fi
nanci
albusi
nessesandpr
ofessi
onsr
egar
dingt
hei
r
r
esponsi
bil
i
tiesundert
hisAct
;and

(
h)per
for
m ot
herf
unct
ionsnecessar
ytof
ulf
ili
tsr
esponsi
bil
i
tiesundert
hisActor
anyot
herr
elev
antl
awsandappl
i
cabl
eregul
ati
ons.

8.Jur
isdi
cti
ont
otr
yof
fencesundert
hisAct
TheFeder
alHi
ghCour
tlocat
edi
nanypar
tofNi
ger
iar
egar
dlessoft
hel
ocat
ionwher
e
t
heof
fencei
scommi
tt
edshal
lhav
ejur
isdi
cti
ont
otr
yof
fencesundert
hisActorany
17
ot
herr
elat
edenact
ment
;andhearanddet
ermi
nepr
oceedi
ngsar
isi
ngundert
hisAct
.
TheFeder
alHi
ghCour
tshal
lexer
cisej
uri
sdi
cti
onwhet
herornott
heof
fencewas
commencedorcompl
etedi
nNi
ger
iawher
etheal
l
egedof
fencewascommi
tt
ed—(
a)i
n
Ni
ger
ia;(
b)onashi
p,v
esselorai
rcr
aftr
egi
ster
edi
nNi
ger
ia;(
c)byaci
ti
zenornon-
ci
ti
zenofNi
ger
iai
ftheper
son’
sconductwoul
dal
soconst
it
uteanof
fenceunderal
aw
oft
hecount
rywher
etheof
fencewascommi
tt
ed;or(
d)out
sideNi
ger
iawher
ethe
18
al
l
egedof
fenderi
sinNi
ger
iaandnotext
radi
tedt
oanyot
hercount
ryf
orpr
osecut
ion.

TheFeder
alHi
ghCour
thasj
uri
sdi
cti
ont
oimposeanypenal
typr
ovi
dedf
oranof
fence
undert
hisActoranyot
herr
elat
edl
aw.I
nat
ri
alf
oranof
fenceundert
hisAct
,theCour
t
may
,not
wit
hst
andi
ngany
thi
ngt
othecont
rar
yinanyot
herenact
ment
,adoptal
llegal
19
measur
est
oav
oidunnecessar
ydel
aysandabusei
ntheconductofmat
ter
s.

Anappl
i
cat
ionf
orst
ayofpr
oceedi
ngsf
orani
nter
locut
oryi
njunct
ioni
nrespectofany

17
Sect
ion23(
1)oft
heAct
;Ogunbodedev.FRN(
2018)LPELR-
44883(
CA)
18
Sect
ion23(
2)oft
heAct
19
Sect
ion23(
4)oft
heAct

Electronic copy available at: https://ssrn.com/abstract=4122403

mat
terbr
oughtundert
hisActshal
lnotbeent
ert
ainedbyt
heCour
tbutshal
lbest
ayed
20
unt
ilj
udgmenti
nthemat
teri
sdel
i
ver
edbyt
heCour
t. Thi
spr
ovi
sionput
sagagont
he
del
aysoccasi
onedt
othet
ri
alpr
ocessbyi
nter
locut
oryappl
i
cat
ionst
ost
aypr
oceedi
ngs
pendi
ngappealonpr
eli
minar
ymat
ter
sev
enwhent
hesubst
ant
ivei
ssuesar
eyett
obe
t
ri
edont
hemer
it
s.

9.Powert
odemandandobt
ainr
ecor
ds
Acompet
entaut
hor
it
ymaydemand,obt
ainandi
nspectt
hebooksandr
ecor
dsofa
f
inanci
ali
nst
it
uti
onordesi
gnat
ednon-
fi
nanci
ali
nst
it
uti
onbusi
nessandpr
ofessi
ont
o
21
conf
ir
m compl
i
ancewi
tht
hepr
ovi
sionsoft
hisAct
. Compet
entaut
hor
it
ymeansany
agency ori
nst
it
uti
on concer
ned wi
th combat
ing money l
aunder
ing and t
err
ori
st
22
f
inanci
ngundert
hisActorunderanyot
herl
aworr
egul
ati
on.

10.
Obst
ruct
ionofaut
hor
izedof
fi
cer
s
TheActi
ncr
easedt
hef
inepay
abl
ebyf
inanci
ali
nst
it
uti
onsandot
hercor
por
atebodi
es
wher
etheyobst
ructaut
hor
izedof
fi
cer
s.Aper
sonwhowi
l
lful
l
yobst
ruct
sof
fi
cer
sofa
compet
entaut
hor
it
yint
heexer
ciseoft
hepower
sconf
err
edont
hecompet
entaut
hor
it
y
byt
hisActcommi
tsanof
fenceandi
sli
abl
eonconv
ict
ioni
nthecaseofaf
inanci
al
23
i
nst
it
uti
onorot
herbodycor
por
ate,
toaf
ineofN1,
000,
000.
11.
Per
iodi
cfur
nishi
ngofr
epor
tsonmoneyl
aunder
ing
TheActi
ntr
oducedt
hePer
iodi
cfur
nishi
ngofr
epor
tsonmoneyl
aunder
ingbyt
he
At
tor
neyGener
aloft
heFeder
ati
onwi
thi
ntwoy
ear
sofi
tspassagei
ntoLawandev
ery
24
t
wo y
ear
sther
eaf
ter
. TheRepor
t,whi
chwoul
dbesubmi
tt
edt
othePr
esi
dent
,is
expect
edt
ocont
aincont
ri
but
ionsf
rom al
lcompet
entaut
hor
it
iesandshal
lpr
ovi
de
det
ail
sof
:(a)t
henumberofcur
rencyt
ransact
ionsandact
ivi
ti
esunder
takendur
ingt
he
per
iodoft
her
epor
t,(
b)conv
ict
ionsmadef
ormoneyl
aunder
ingof
fencesandf
inanci
ng

20
Sect
ion23(5)oft
heAct
21
Sect
ion24oftheAct
22
Sect
ion30oftheAct
23
Sect
ion25(b)oft
heAct
24
Sect
ion26(1)oft
heAct

Electronic copy available at: https://ssrn.com/abstract=4122403

oft
err
ori
sm,(
c)ar
easofhi
gh-
ri
skconcer
nsencount
ered,and(
d)amount
sofmoney
f
rozen,r
etai
nedorconf
iscat
edf
ort
raf
fi
cki
ngi
ndr
ugs,cor
rupt
ion,andot
hercr
imi
nal
25
act
ivi
ti
es. Addi
ti
onal
l
y,t
her
epor
tist
oincl
udepl
anst
oreduceanddev
elopabet
ter
-
26
coor
dinat
edr
esponset
omoneyl
aunder
ing.

12.
Admi
nist
rat
ivepenal
ti
es
Super
visor
yandr
egul
ator
yaut
hor
it
iesmayi
mposeonaf
inanci
ali
nst
it
uti
on,
desi
gnat
ed
non-
fi
nanci
albusi
nessandpr
ofessi
on;orbusi
nessandpr
ofessi
on,f
oranybr
eachof
anyr
equi
rementoft
hisAct
,suchadmi
nist
rat
ivesanct
ionsasmaybepr
escr
ibedi
na
27
r
egul
ati
onmadebyt
heAt
tor
ney
-Gener
aloft
heFeder
ati
onundert
hisAct
. Anypenal
ty
i
mposedbyasuper
visor
yorr
egul
ator
yaut
hor
it
yshal
ltakepr
ecedenceov
erandi
snot
28
l
i
mit
edbyanyot
hersanct
iont
hatmaybei
mposedunderanyot
herr
egul
ati
on.

13.
Regul
ati
ons
The At
tor
ney
-Gener
alof t
he Feder
ati
on may make or
der
s,r
ules,gui
del
i
nes or
r
egul
ati
onsasar
enecessar
yfort
heef
fi
cienti
mpl
ement
ati
onoft
hepr
ovi
sionsoft
his
29
Act
.

14.
ExpandedScopeofDesi
gnat
edNon-
Financi
alBusi
nessandPr
ofessi
onand
Pr
oper
ty
TheActexpanded t
hescopeofDesi
gnat
ed Non-
Financi
alBusi
nessPr
ofessi
on t
o
i
ncl
ude:(
a)busi
nessesi
nvol
vedi
nthehospi
tal
i
tyi
ndust
ry,(
b)deal
ersi
nmechani
zed
f
armi
ngequi
pment
,far
mingequi
pmentandmachi
ner
y,(
c)deal
ersi
npr
eci
ousmet
als
andpr
eci
ousst
ones,(
d)deal
ersi
nrealest
ate,est
atedev
eloper
s,est
ateagent
sand
br
oker
s,(
e)hi
gh-
val
uedeal
ers,(
f)mor
tgagebr
oker
s,(
g)pr
act
it
ioner
sofmechani
zed
f
armi
ng,(
h)t
rustand company ser
vice pr
ovi
der
s,and (
i)pool
s bet
ti
ng (
j)l
egal

25
Sect
ion26(2)oft
heAct
26
Sect
ion26(3)oft
heAct
27
Sect
ion27(1)oft
heAct
28
Sect
ion27(2)oft
heAct
29
Sect
ion28oftheAct

Electronic copy available at: https://ssrn.com/abstract=4122403

 30
pr
act
it
ioner
sandnot
ari
es,
etc.

I
naddi
ti
on,i
nli
ghtofr
ecentt
echnol
ogi
caladv
ancement
sandt
her
iseofv
irt
ualasset
s
suchascr
ypt
ocur
renci
es,Non-
Fungi
bleTokens(
"NFTs"
),andt
heMet
aver
se,t
heAct
br
oadenedt
hedef
ini
ti
onofpr
oper
tyt
oincl
ude“
vir
tualasset
s”,
whi
cht
heActdef
inesas
adi
git
alr
epr
esent
ati
onofv
aluet
hatcanbedi
git
all
ytr
aded,ort
ransf
err
ed,andcanbe
usedf
orpay
mentori
nvest
mentpur
posesbutdoesnoti
ncl
udeadi
git
alr
epr
esent
ati
on
31
off
iatcur
renci
es,
secur
it
iesandot
herf
inanci
alasset
s.

Concl
usi
on
I
ngener
al,t
heMoneyLaunder
ing(
Prev
ent
ionandPr
ohi
bit
ion)Act
,2022pr
ovi
sionsar
e
ai
med atcor
rect
ing t
he maj
ori
ty oft
he f
laws and gaps i
nthe r
epeal
ed Money
Launder
ingAct
.But
,asweal
lknow,
thei
ssuei
nNi
ger
iai
sal
way
stheappl
i
cat
ionoft
he
l
aw,nott
hel
egi
sl
ati
oni
tsel
f.Accor
dingt
oJoeBi
den,“
Cor
rupt
ioni
sacancer
,acancer
t
hateat
sawayataci
ti
zen’
sfai
thi
ndemocr
acy
,di
mini
shest
hei
nst
inctf
ori
nnov
ati
on
andcr
eat
ivi
ty”
.Thi
snewl
awi
sfor
war
d-t
hinki
ng,
timel
y,andcompl
i
antwi
thi
nter
nat
ional
bestpr
act
ices,andwegenui
nel
yhopet
hati
twi
l
lbesuccessf
ull
yimpl
ement
edt
ocur
b
cor
rupt
ioni
nNi
ger
ia.

Aboutt
heWr
it
er:
Chi
der
aNwokekei
saLegalPr
act
it
ionert
hati
spr
act
isi
ngi
nLagosSt
ate.Hecanbe
r
eachedv
ia:
Nwokekechi
der
a@gmai
l
.com;
08120945787

30
Sect
ion30oft
heAct
31
Sect
ion30oft
heAct

Electronic copy available at: https://ssrn.com/abstract=4122403