The new Money Laundering (Prohibition) Act, 2011 defines a Designated Non-Financial Institution to include dealers in Jewellery, Cars and luxury goods,
Chartered Accountants, Audit Firms, Tax Consultants, Clearing and
Settlement Companies, Legal Practitioners, Hotels, Casinos, Supermarkets,
or such other businesses as the Federal Ministry of Commerce or other
appropriate regulatory authorities may from time to time designate.

Section 5 of the Money Laundering (Prohibition) Act, 2011 and Section 38 of
the Economic & Financial Crimes Commission (Establishment) Act, 2004
requires all Designated Non-Financial Institutions or “DNFIs” to, for new
businesses, before commencing business, and for existing businesses,
within three (3) months of the commencement of this Law, submit to the
Ministry of Commerce & Commerce and the Economic & Financial Crimes
Commission, a declaration of its business activities in Nigeria.

Some of the objectives of the Money Laundering (Prohibition) Act, 2011 is
to ensure, among other things, that:-

(a) No person or corporate body shall except through a licensed financial
institution make or receive cash payment of a sum exceeding N5Million for
an individual or N10Million for a body corporate, or their equivalent
value;

(b) Any transfer to or from a foreign country of funds or securities in
excess of US$10,000 or its equivalent must be reported to the Central Bank
of Nigeria (“CBN”), the Securities & Exchange Commission (“SEC”) and the
Economic & Financial Crimes Commission (“EFCC”) within seven (7) days from
the date of the transaction;

(c) Transport cash or other negotiable instruments in excess of US$10,000
or its equivalent must be declared to the Nigerian Custom Service and this
Service is required to report this declaration to the CBN and to EFCC.

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