Should the the Money Laundering Prevention and Prohibition Bill 2016 presented to Senate by Pres Buhari sail through, anybody found guilty of the offence shall be jailed for a term of not less than 7 years without an option of fine. Any financial institution found guilty will have a fine of not less than N25m
Non- financial businesses will be liable to a fine of not less than N10m. The bill defines any perpetrator of the crime as “a person who knows, ought reasonably to have known or suspects that property has a criminal origin, commits an offence if he conceals, disguises, converts, transfers or removes the property from Nigeria.” The proposed bill also stipulated 3 years imprisonment or above for anybody who failed to report persons involved in the illicit act.
