Bill to mandate banks to report deposits of over N5m to EFCC passed into law

The Upper Chamber of the National Assembly-Senate- has passed a bill that seeks to amend the Money Laundering Act 2011.

The proposed amendment in the bill makes it mandatory for banks and other financial institutions to report any single transaction or lodgment in excess of N5 million for an individual, and N10 million in the case of a corporate body.

This report will be done in writing and sent to a proposed Special Control Unit Against Money Laundering – to be domiciled under the Economic and Financial Crimes Commission (EFCC).

The bill tagged “Money Laundering (Prevention and Prohibition) (Enactment) Act 2022” is sponsored by Abdu Kwari (APC, Kaduna). The passage of the bill was sequel to the consideration of a report of the Committee on Anti-Corruption and Financial Crimes.

Prior to Wednesday’s passage of the bill, the sponsor, had said it would help in the fight against corruption, money laundering and terr#rism especially since the extant Money Laundering Act could not meet the required international standard.

He has said a high level of corruption and financial crimes exist in the country due to identifiable lacunas in the Act.