Highlights Of The Proceeds Of Crime (Recovery And Management) Act, 2022.

On May 12, 2022, President Muhammadu Buhari signed the Proceeds of Crime (Recovery and Management) Bill into law (The Act) in a bid to boost Nigeria’s fight against corruption, money laundering, and illicit movement of stolen funds. The Act contains comprehensive provisions for seizure, confiscation, forfeiture, and management of properties derived from unlawful activities and other related matters.

The Act provides for recovery and management of the proceeds of crime and property used to facilitate unlawful activities; seizure and detention of cash derived from unlawful activities or cash held by a person which is above statutorily prescribed amount; confiscation of the proceeds of crime for a convicted person; management of the recovered assets and property; collaboration among the relevant organizations in tracing and seizing properties derived from unlawful activities……
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