Senate Passes Bill Mandating Banks To Report Deposits Above N5M To EFCC
A bill to change the Money Laundering Act 2011 has been passed by the Nigerian Senate on Wednesday March 16.
The new bill presently makes it obligatory for banks and other monetary establishments to report, recorded as a hard copy, to the Special Control Unit Against Money Laundering under the Economic and Financial Crimes Commission, any single exchange or lodgment in overabundance of N5m for an individual and N10m for a corporate body.
While segment 11(3) of the bill gives that “any monetary foundation or assigned non-monetary business and calling that negates the arrangements of this segment submits an offense and is obligated on conviction to a fine of at the very least N250,000 and not more than N1m for every day the repudiation proceeds”, Section 12 of the bill restricts the launch of numbered or mysterious records in imaginary names and shell banks.
Segment 13 further orders monetary establishments and assigned non-monetary organizations and callings to recognize and get to the tax evasion and psychological warfare financing takes a chance with that might emerge corresponding to the improvement of new items and new strategic approaches.
The bill additionally expresses that any individual or monetary establishment that repudiates the arrangements of Section 12 subsections (1), (2) and (3), is responsible to detainment of at least 2 years and not over 5 years on account of an individual; and a fine of at the very least N10m however not more than N50m for a monetary organization, notwithstanding the indictment of the chief officials of the body, and twisting up and preclusion of its constitution or joining.