The Examination of Anti-Money Laundering Laws in Nigeria as International Law Overview

Maruf Adeniyi Nasir

Abstract


The money laundering along with other economic and financial crimes continues to increase unabated. It remains one of the major problems of the country which has retarded immensely its growth and economic development. This research aims to examine the provisions of the current Anti-Money Laundering Act in Nigeria, as the country is under obligation to comply with the international standard, having signed and ratified “Vienna Convention and Palermo Conventionâ€. This research used a doctrinal method which examined and analysed the provision of the Money Laundering (Prohibition) Act 2011. A deducible impression that this created is that it is either those laws are not effective or there is no political will to execute. Combating money laundering therefore requires more than having an array of legal framework. The implementation of those laws is germane for a desire result.


Keywords


International; Money; White-Crime.

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References


Journals:

A.G of Federation v Dr. Clement Isong (1986) 1 Q.L.R.N, Pg. 86, where the Supreme court of Nigeria held that person cannot be convicted for an offence whose punishment is not prescribed. See also Aoko v Fagbemi (1963) 1 ALL N.L.R 400 where the decision of earlier court was set aside because the offence of adultery that led to the conviction at court of first instance is not an offence under the Criminal Code upon which the accused was tried.

Abhishek Gupta, Dwijendra Nath Dwivedi, Jigar Shah, Ashish Jain. (2022). Data quality issues leading to sub optimal machine learning for money laundering models. Journal of Money Laundering Control, Volume 25 Issue 3. https://www.emerald.com/insight/content/doi/10.1108/JMLC-05-2021-0046/full/html

Charles O Adekoya, “The Renewed Battle against Money Laundering in Nigeriaâ€, Malawi Law Journal 1, no. 1 (2007).

GIABA is ‘Inter-Governmental Action Group against Money Laundering in West Africa’ established by heads of states of Economic Commission of West Africa States (ECOWAS). GIABA conducts Mutual Evaluations of Member States in accordance with FATF standards and in compliance with its enabling Statutes and its evaluations are based on the FATF Forty Recommendations (2003) and the Nine Special Recommendations on Terrorist Financing (2001), using the AML/CFT Methodology 2004.

GIABA,†Mutual Evaluation Reports Anti-Money Laundering and Combating the Financing of Terrorism, 2007†www.giaba.org/reports/mutual-evaluation/Nigeria.htm accessed on 14th November, 2016.

Mathew Ekundayo Rotimi, Ojo Joseph IseOlorunkanmi, Gift Grace Rotimi, Mishelle Doorasamy. (2022). Re-examining corruption and economic growth nexus in oil dependent economy: Nigeria’s case. Journal of Money Laundering Control, Volume 25 Issue 3. https://www.emerald.com/insight/content/doi/10.1108/JMLC-05-2021-0046/full/html

Nigeria Financial Intelligence Unit (NFIU) was created in June, 2004 in line with the directives of FATF. It is backed up with the two legislations (The EFCC Act 2004 and Money Laundering (Prohibition) Act 2004) and draws its responsibilities from 40+9 FATF recommendations. It is vested with power to receive (financial disclosures on suspicious and currency transaction), analysis and disseminate such gathered intelligence to necessary end users. The creation of the financial intelligence unit (FIU) was indeed a mandatory condition required by FATF in other to be removed from non-cooperative countries as listed by FATF.

Nigeria signed the treaty on the 1st March, 1989 and subsequently ratified it on the 1st November, 1989.

Norhashimah, Mohd Yasin “ An Examination of the Malaysian Anti-Money Laundering Act 2001 (AMLA)", Current Law Journal (2002) 6CLJ.

The civilian government of the Nigeria third republic repealed the Money laundering decree 3 0f 1995 and substituted it with Money Laundering (Amendment) Act No 9, 2002.

Zuraidah Mohd-Sanusi, Yusarina Mat-Isa, Ahmad Haziq Ahmad-Bakhtiar, Yusri Huzaimi Mat-Jusoh, Tarjo Tarjo. (2022). Interaction effects of professional commitment, customer risk, independent pressure and money laundering risk judgment among bank analysts. Journal of Money Laundering Control, Volume 25 Issue 3. https://www.emerald.com/insight/content/doi/10.1108/JMLC-05-2021-0046/full/html

Regulation:

CAP M18, Laws of Federation of Nigeria (LFN), 2004

Criminal and Penal Codes

Money Laundering (Prohibition) Act (MLA), 2004, Cap M18. Laws of Federation of Nigeria (LFN).

Money Laundering (Prohibition) Act 2003 and Economic and Crime (Establishment) Act 2002.

Money Laundering (Prohibition) Act 2011

Money laundering Decree No 3 of 1995 see (Adekoya, 2007)




DOI: http://dx.doi.org/10.30659/akta.v9i2.21234

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