REGULATORY FRAMEWORKS FOR CONTENDING WITH MONEY LAUNDERING UNDER THE NIGERIAN MONEY LAUNDERING (PREVENTION AND PROHIBITION) ACT, OF 2016 1 (original) (raw)
Curiously, the first section of the of the Money Laundering (Prevention and Prohibition) Act, 2016 suggests that the objective of the Act is to: .. provide for an effective and comprehensive legal and institutional framework for the prevention, prohibition, detection, prosecution and punishment of money laundering and other related offences in Nigeria. 2 This gives the impression that the Act focuses only on legal and institutional frameworks. However, like the preceding Acts 3 this statute in its explanatory memorandum amongst other things aims to… expand the scope of supervisory and regulatory authorities… It is however important to note that the 2012 and 2016 Act contain a caveat-that the explanatory memorandum does not form part of the Act, but is only intended to explain its purport-in spite of this caveat, the inclusion of supervisory and regulatory authorities in the explanatory notes is a tacit confirmation that the Act also focused on the regulatory regime or framework for combatting money laundering in Nigeria and this write-up will show that the 2016 Act more than the previous statutes 4 is replete with provisions that expand the regulatory regime on Money Laundering in Nigeria and to a large extent, the Act rests the success or failure of the war against money laundering on the efficacy of the regulatory framework for combatting money laundering.
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