Why does Nigeria need AML legislation?

Why does Nigeria need AML legislation?: The passing of the anti-money laundering law comes in the wake of the release of a U.S. State Department report saying $100 million of earnings from drug trafficking are laundered in Nigeria’s financial system annually.

In February 2010, the Financial Action Task Force on Money Laundering (FATF) published a list of 28 high risk jurisdictions in an effort to combat money laundering.

Nigeria was among 20 countries whose AML regimes had deficiencies though the governments had commitments for improvement.

Who administers the AML Act?

The Act establishes a Financial Reporting Centre (FTC) which is expected to be the regulator.

Supervisory bodies:

1. Central Bank;
2. Insurance Regulatory Authority;
3. Betting & Licensing Control Board;
4. Capital Markets Authority;
5. Institute of Certified Public Accountants;
6. Estate Agents Registration Board;
7. Non-Governmental Organizations Co-ordination Board;
8. Retirement Benefits Authority.

The passing of the anti-money laundering law comes in the wake of the release of a U.S. State Department report saying $100 million of earnings from drug trafficking are laundered in Nigeria’s financial system annually.

In February 2010, the Financial Action Task Force on Money Laundering (FATF) published a list of 28 high risk jurisdictions in an effort to combat money laundering.

Nigeria was among 20 countries whose AML regimes had deficiencies though the governments had commitments for improvement.

Have a look at our training courses on Corporate Crimes/ Anti-Money Laundering and to get latest news on world view please visit FATF website.