Nigerian Senate tightens money laundering rules
The Nigerian Senate has passed a bill to change money laundering regulations, including requiring lenders to report suspicious transactions, Bloomberg reported on Wednesday (March 16).
Called the Prevention and Prohibition of Money Laundering Act 2022, it requires lenders to report all single transactions worth more than 5 million naira, or $12,035, and those involving companies over of 10 million naira, to a special money laundering control unit.
This panel will be part of the Economic and Financial Crimes Commission. Prison terms will range from two to five years for individuals. Institutions that break the law will face fines of up to 50 million naira, with officials involved in them liable to prosecution.
Banks, institutions and businessmen will also be legally required “to identify and assess the risks of money laundering and terrorist financing that may arise in connection with the development of new products and new practices. commercial”.
Read more: Cash still king in Nigeria despite digital
In other news from Nigeria, PYMNTS wrote late last year that Nigeria has seen a push for more digital payments, although cash is still prevalent there.
Nigerian naira banknotes and coins in circulation increased by 4.6% last October compared to September.
Nigeria has a new digital currency, which the Central Bank wants to use to encourage digital payments. This would reduce the cost of ticket printing and promote financial inclusion.
See also: Swedbank in other money laundering legal issues
Money laundering is a problem worldwide and Swedbank’s Estonian unit is suspected in a recent investigation, PYMNTS wrote.
It comes after a special white-collar crime investigator from the country’s Central Criminal Police informed the bank that she had been summoned.
Estonian investigators investigated whether Swedbank was involved in money laundering and other criminal offences. The bank said it is cooperating with officials.