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.

Comments

Drama in Kwalla as Motorcycle is stolen in Police Station. See details 👉👉

A motorcycle was snapped up by an unknown person(s) in the office of the Nigeria Police Force, Kwalla . The motorcycle, a Jincheng model belonging to one Naanman of Tugunwan Street in Kwalla town of Quaan-Pan LGA was stolen sometimes in November 2021 when the owner went to the police station to report an incident. The Nigeria Police Force Outpost in Kwalla in conjunction with the Quaan-Pan Divisional Headquarters Baap instantly mount strategies to recover the stolen bike and reports have just reached us that the motorbike have been caught today, 5/1/2022 around 12:05pm. The culprit have just been arrested along with the bike and detained in Kwalla police station with his identity yet to be revealed for the sake of security investigation as he denied not stealing the bike but claimed he purchased it from a third party is said to hail from Kwa town of the same LGA. More details.......

2023: Catholics Berate Lalong Over Attempt To Drag Pope Into Politics

August 11, 2022 Concerned Catholics in Nigeria have called for the suspension of Plateau State Governor Simon Bako Lalong for dragging the name of Pope into local politics that has nothing to do with the Church. According to the group, Lalong should be punished for bringing the name of Pope and the Catholic Church to disrepute while giving his reasons for accepting to serve as Director General of the APC Presidential Campaign Council. Speaking as a press conference in Abuja addressed by National Convener/President, Dr Ben Amodu, said the concerned Catholics in Nigeria are alarmed that Lalong would elect to throw caution into the wind by dragging the revered Catholic Church into local politics in Nigeria for whatever it is worth. “The reference to the Pope in his statement for accepting to serve as the Director General of the APC Presidential Campaign Council was made in poor taste and a puerile attempt to drag the Catholic Church into a matter that has no bearing with the

Jos360plustvNg

Search This Blog