An accused person is required to justify source of income in a money laundering trial according to Nigeria’s Supreme Court

Introduction Amidst obvious indications of political interference and doubts by the citizenry about the motive behind certain arrests and investigations, Nigeria’s leading anti-graft Agency the Economic and Financial Crimes Commission (EFCC) has continued in its fight against money laundering and related offences. In doing this, one striking challenge the Commission has faced over the years … More An accused person is required to justify source of income in a money laundering trial according to Nigeria’s Supreme Court

Nigeria’s Money Laundering (Prevention & Prohibition) Bill, 2016 to capture religious organisations, non-profit organisations, charities and law firms

  Nigeria’s President Muhammadu Buhari has sponsored two bills to check corruption and money laundering in Nigeria in line with the anti-corruption posture of his administration and in consonance with the key thrust of anti-corruption during his election campaign. The two bills – ‘Money Laundering (Prevention & Prohibition) Bill, 2016’ (The Bill) and ‘Mutual Legal … More Nigeria’s Money Laundering (Prevention & Prohibition) Bill, 2016 to capture religious organisations, non-profit organisations, charities and law firms

Nigerian Bar Association resolves to introduce Guidelines on Anti-Money Laundering & Anti-Terrorism Financing for Nigerian Lawyers and Law firms.

The Nigerian polity has witnessed a huge wave of media reports on the fight against corruption and terrorism recently. President Muhammadu Buhari made the fight against corruption a key thrust of his campaign and has continued to issue statements that portray him as one who desires to tackle the issue of corruption in the country. … More Nigerian Bar Association resolves to introduce Guidelines on Anti-Money Laundering & Anti-Terrorism Financing for Nigerian Lawyers and Law firms.

One step forward: Nigeria gets off Financial Action Task Force (FATF) list of high-risk jurisdictions

Introduction In a public statement issued at the end of its recent plenary meeting held in Paris, France from the 14th to 18th of October, 2013, the FATF removed Nigeria from the list of jurisdictions with significant deficiencies in their Anti-money laundering & Counter Financial Terrorism (AML/CFT) regimes.

Mandatory biometric data capture for trading on the Nigerian Stock Exchange: A proposed amendment to the rules.

Introduction The Nigerian Stock exchange is proposing amendments to the Rules and Regulations Governing Dealing Members (The Rules) to bring it in line with global best practices and achieve a balance between promoting investment and deterring wrongful behaviour in the market. One of the key amendments proposed is to effect the prohibition of money laundering … More Mandatory biometric data capture for trading on the Nigerian Stock Exchange: A proposed amendment to the rules.

The journey towards a clean bill of health: recent developments in Nigeria’s anti-money laundering crusade.

Background Efforts to combat money laundering in Nigeria began in 1995 with the first Anti-money laundering legislation. Since then, there have been enactments and amendments in 2004, 2011, and 2012. Nevertheless, Nigeria is yet to gain the much coveted status of a fully compliant country.