National
Senate Passes Bill Mandating Banks To Report Deposits Above N5m To EFCC
The Senate on Wednesday March 16, passed a bill to amend the Money Laundering Act 2011.
The new bill now makes it mandatory for banks and other financial institutions to report, in writing, to the Special Control Unit Against Money Laundering under the Economic and Financial Crimes Commission, any single transaction or lodgment in excess of N5m for an individual and N10m for a corporate body.
While section 11(3) of the bill provides that “any financial institution or designated non-financial business and profession that contravenes the provisions of this section commits an offence and is liable on conviction to a fine of not less than N250,000 and not more than N1m for each day the contravention continues”, Section 12 of the bill prohibits the opening of numbered or anonymous accounts in fictitious names and shell banks.
Section 13 further mandates financial institutions and designated non-financial businesses and professions to identify and access the money laundering and terrorism financing risks that may arise in relation to the development of new products and new business practices.
The bill also states that any person or financial institution that contravenes the provisions of Section 12 subsections (1), (2) and (3), is liable to imprisonment of not less than 2 years and not more than 5 years in the case of an individual; and a fine of not less than N10m but not more than N50m for a financial institution, in addition to the prosecution of the principal officers of the body, and winding up and prohibition of its constitution or incorporation.
-
Niger Delta5 days ago
IYC: 12 Killed, Over 50 Injured as Violence Erupts Over Eastern Zone Election
-
National5 days ago
NAFDAC Press Statement Against Christ Mercy Land Deliverance Ministry Incorrect
-
Politics7 days ago
Breaking: APC candidacy threatened as Abuja Court summons Okpebholo for making false statements on oath
-
News5 days ago
‘Forgive My Actions’ – Oshiomhole Apologies To Igbinedion
-
News5 days ago
Henceforth Any Police Officer Who Involves In Land, Rent And Marital Matters Will Be Sanctioned, Promotion Suspended-PSC
-
News5 days ago
Crisis hits Abiola family over oil asset as other children accuse Kola, Wuraola of fraud
-
News5 days ago
Lagos begins implementation of e-call up system for Lekki-Epe corridor
-
News5 days ago
281 Inmates Missing After Flooding at Maiduguri Correctional Centre