With the new money laundering bill, offenders to get 7-year prison term without the option of fine 

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.


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