(a) in the case of an individual, to imprisonment for a term of not less than 2 years or not exceeding 3 years; (b) in the case of a financial institution or other body corporate, to a fine of 1 million Naira. 22. Section 13 of the National Drug Law Enforcement Agency Act is repealed.
How much is considered money laundering in Nigeria?
The Money Laundering (Prohibition) Act 2011 states that any individual, who is transporting cash or negotiable instruments in excess of US$10,000, or its equivalent must be declared to the Nigerian Customs Service.
What is the maximum penalty you can receive under money laundering?
The maximum sentence for this offence is 14 years’ imprisonment on indictment or a fine or both and six months’ imprisonment or a fine or both summarily.
What is punishment for money laundering?
—Whoever commits the offence of money-laundering shall be punishable with rigorous imprisonment for a term which shall not be less than three years but which may extend to seven years and shall also be liable to fine which may extend to five lakh rupees: Provided that where the proceeds of crime involved in money- …
What are the 3 stages of money laundering?
Money laundering schemes vary in their complexity and methods, but there are three common phases for successful laundering: Placement, Layering and Integration.
How long do you go to jail for money laundering in Nigeria?
(a) in the case of an individual, to imprisonment for a term of not less than 2 years or not exceeding 3 years; (b) in the case of a financial institution or other body corporate, to a fine of 1 million Naira.
Money Laundering (Prohibition) Act.
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|7||Money Laundering (Prohibition) Act||A 111-122|
Is there money laundering in Nigeria?
Nigeria’s money laundering laws have extraterritorial reach. The offence of money laundering has been extended to apply to natural or legal persons outside Nigeria (see section 15(2) of the Money Laundering (Prohibition) (Amendment) Act).
What are the 5 basic money laundering Offences?
- 5 Money Laundering Offences:
- Tax evasion. This is when people use offshore accounts to avoid declaring their full income level, and as a result they can avoid paying their full amount in tax. …
- Theft. …
- Fraud. …
- Bribery. …
- Terrorist Financing.
How do you prove money laundering?
The 3 Elements That Must Be Proven in a Money Laundering Case
- The Defendant Knew the Money Involved was the Proceeds of a Felony. …
- The Defendant Must Have Initiated or Concluded a Financial Transaction. …
- That the Defendant Had One of Four Specific Intents. …
- The Punishment for a Money Laundering Conviction Depends on Several Factors. …
- Work with a Criminal Defense Attorney Who Can Help You.
How do you get caught money laundering?
For money laundering charges to be brought, a prosecutor must show that the person concealed money specifically in order to conceal the ownership and source of the money, as well as control of the money, as to make it appear as if it came from a legitimate source. Proving concealment is key.
Is money laundering civil or criminal?
Money laundering has been a crime in the United States since 1986, making the United States one of the first countries to criminalise money laundering conduct. There are two money laundering criminal provisions, 18 United States Code, Sections 1956 and 1957 (18 U.S.C. §§ 1956 and 1957).
What are the consequences of money laundering?
What Are The Negative Effects of Money Laundering on The Economy? Money laundering damages financial sector institutions that are critical for economic growth, promoting crime and corruption that slow economic growth, reducing efficiency in the real sector of the economy.
What are the elements of money laundering?
The process of laundering money typically involves three steps: placement, layering, and integration.
- Placement puts the “dirty money” into the legitimate financial system.
- Layering conceals the source of the money through a series of transactions and bookkeeping tricks.
What are the money laundering stages?
Money laundering typically includes three stages: placement, layering and integration stage.
What is the best way to launder money?
Money laundering involves three basic steps to disguise the source of illegally earned money and make it usable: placement, in which the money is introduced into the financial system, usually by breaking it into many different deposits and investments; layering, in which the money is shuffled around to create distance …
What is the first step of money laundering?
Pre-Layering: The money laundering process begins after criminals acquire illegal funds from criminal activity and seek to introduce them into the legitimate financial system. Accordingly, the first stage of the money laundering process is known as “placement.”