The Central Bank of Nigeria (CBN) has amended its laws on anti-money laundering and combating the financing of terrorism through banks and other financial institutions in Nigeria (amendment regulations 2019).Part of the new law states, “For every wire transfer, financial institutions shall take freezing action and prohibit transactions with persons and entities designated as terrorists or with terrorist activities under any relevant United Nations Security Council Resolution, Nigerian laws and other relevant authorities.”

It also stated that transaction records kept by financial institutions would be sufficient to permit reconstruction of individual transactions so as to provide, where necessary, evidence for prosecution of any criminal activity.

The law stipulated that money laundering would involve conversion or transfer of property (money, goods, and commodities) knowing that such property was derived from a criminal offence for the purpose of concealing or disguising the illicit origin of the property or assisting any person involved in the commission of such actions.

It stated that money laundering included concealment or disguising of the true nature, source, location, disposition, movement, rights with respect to or ownership of property knowing that such property was derived from a criminal offence.

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