Credits –

Act provides for the repeal of the Money Laundering (Prohibition) Act 2011 as
amended in 2012 to make comprehensive provisions to prohibit the laundering of
the criminal activities, expand the scope of money laundering offences, provide
protection for employees of various institutions, bodies and professions who
may discover money laundering, enhance customer due diligence, provide
appropriate penalties and expand the scope of supervisory bodies whilst
recognising the role of certain self – regulatory organisations ” address
the challenges faced In the implementation of a comprehensive ant – money
laundering regime in Nigeria.

introduction of the law is of importance to Nigeria’s fight against corruption,
there have been numerous scenarios where alleged corrupt individuals escape
prosecution in Nigeria to other foreign countries believing they are not within
reach of the Nigerian courts and government, therefore enjoying the fruits of
their ill-gotten wealth with impunity, however, with the introduction of this
legislation, Nigeria may apply to such country where anyone is hiding out to
aid in prosecution, such person may even be prosecuted in line with the law of
the host country and Nigeria will be glad to furnish such country with evidential
support to bag a conviction.
It is no gain saying that the effect of
corruption in Nigeria is crippling National development and any efforts of the
government to curb this is to be greatly supported by everyone.