BUHARIBusiness UpdatesFintechForeign InvestmentMoney LaunderingStartupStartup fundingReview of Money Laundering (Prevention and Prohibition) Act, 2022

May 25, 2022by megathos0

Introduction to the Nigerian Money Laundering Act 2022

•Prior to the evolution of the Money Laundering Act 2022, the Money Laundering Act 2011 was in effect with a few notable gaps.

•The Money Laundering Act of 2011 did not specifically establish the Special Control Unit under the Economic and Financial Crimes Commission (SCUML).

•Nigeria is Africa’s top technology hub, Nigeria has four Fintech unicorns – Interswitch, Flutterwave, Andela and Opay – who have all attained valuations of over $1 billion.

•The Money Laundering Act 2022 which was graciously signed into law by the President of Nigeria, should lead to more regulatory certainty and help catalyze the growth of the Financial industry in Nigeria.

•Several foreign investors are taking advantage of Nigeria’s ranking as one of the leading financial ecosystems in Africa to invest in Nigeria’s digital economy.

•The Megathos Law Practice Update, Review of Money Laundering Act of 2022_Megathos Law Practice, will lead and guide you and your teams through the business opportunities available in the Money Laundering Act 2022 in Nigeria.

To learn more about the business opportunities available in the Money Laundering Act 2022, please click on this link : www.megathoslaw.com


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