Banking & Finance · Repealed

Money Laundering (Prohibition) Act 2004

Broadened Nigeria's anti-money-laundering regime beyond drug proceeds — repealed by the 2011 and 2022 Acts.

Signed
2004
Assented by
Status
Repealed
01 Background

The Money Laundering (Prohibition) Act 2004 strengthened Nigeria's AML framework, extending it beyond drug-related proceeds to financial crime generally, with cash-transaction reporting thresholds and customer-identification duties on financial institutions. It was repealed and re-enacted by the Money Laundering (Prohibition) Act 2011 and later superseded by the Money Laundering (Prevention and Prohibition) Act 2022.

02 Key provisions · 4
§ 01
Cash-transaction reporting thresholds
§ 02
Customer-identification (KYC) duties
§ 03
Extends AML beyond drug proceeds
§ 04
Supports EFCC/NFIU enforcement
03 What changed in practice
Modernised AML rules for the EFCC era
Superseded by the 2011 and 2022 Acts
04 Who it affects
BanksDesignated non-financial businessesEFCC/NFIU
05 What it repealed / replaced
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