Section 1(e) of the Act also seeks to establish the Special Control Unit against Money Laundering under the Economic and Financial Crimes Commission for effective implementation of the Money laundering provisions of the Act in relation to the Designated Non-Financial Businesses and Professions. “Transportation of cash or negotiable instruments in excess of US$10,000 or its equivalent by individuals in or out of Nigeria shall be declared to the Nigerian Customs Service. The Nigerian Customs Service shall report any declaration made pursuant to subsection (3) of this section to the Central Bank and the Unit. Section 12(1-2) of the Act also prohibits the number or anonymous accounts, accounts in fictitious names and shell banks. According to the legislation, “The opening or maintaining of numbered or anonymous accounts by any person, Financial Institution or body corporate is prohibited.

Source: Nigerian Tribune May 16, 2022 08:37 UTC