Further to our newsletter issued 21st April 2022 where we reviewed the Money Laundering (Prevention and Prohibition) Bill, President Muhammadu Buhari on Thursday 12th May 2022 signed into law the Money Laundering (Prevention and Prohibition) Act 2022.

Also signed into Law was the Proceeds of Crime (Recovery and Management) Act 2022 which we also reviewed in our newsletter dated 23rd November 2020.

The 3rd Bill signed into Law was the Terrorism (Prevention and Prohibition) Act 2022.

As earlier highlighted in our newsletter on the subject matter, the repeal of the Money Laundering (Prohibition) Act, 2011 as amended and enactment of Money Laundering (Prevention and Prohibition) Act, 2022 provides comprehensive legal and Institutional Framework for the prevention and prohibition of money laundering in Nigeria and confers on the Economic and Financial Crimes Commission, the legal status of the Special Control Unit Against Money Laundering, amongst other salient provisions.