Key Highlights of the Money Laundering (Prevention and Prohibition) Bill, 2022

On March 16, 2022, the Nigerian Senate passed the Money Laundering (Prevention and Prohibition) Bill 2022 (the Bill) which seeks to repeal the Money Laundering (Prohibition) Act 2011.

The Bill provides for an effective and comprehensive legal and institutional framework to support the fight against Money laundering and Terrorism financing in Nigeria by leveraging on prevention, prohibition, prosecution, and punishment of offenders. It also provides for the protection of employees of various institutions, bodies, and professions who may discover acts of money laundering.

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