The Nigerian Money Laundering (Prohibition) Act 2011

3 weeks ago 220

The Nigerian Money Laundering (Prohibition) Act 2011 makes it illegal for any individual to accept or make any cash payment that exceeds N5m (Five Million Naira).

🔵 This means that every cash transaction over N5m must be done via a financial institution.

🔵 Any person found guilty of contravening this is liable to imprisonment for a term of not less than 3 years or a fine of N10m (Ten Million Naira) or to both.

In a video trending over the Internet, a Nigerian law maker, was spotted with a huge sum of cash running into hundreds of millions of Naira which according to him was meant for state empowerment.

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