The Nigerian Senate, on 16th March 2022, passed the Money Laundering (Prevention & Prohibition) Bill, 2022 (the “Bill”). The Bill aims to abolish the Money Laundering (Prohibition) Act, 2011 and enact the Money Laundering (Prevention and Prohibition) Act, 2022.
The Bill seeks to provide for an effective and extensive legal and institutional framework to support the fight against money laundering and terrorism financing in Nigeria.
It also makes very interesting provisions that intend to amend the well-established and respected principle of attorney-client privilege as well as seeking the identification of Nigerian AND Foreign Politically Exposed People (“PEP”).
This Newsletter highlights the novel provisions sought to be introduced by the Bill.