Nigeria: Critique of the Money Laundering Degree No. 3 1995

Abstract

The purport of the Money Laundering Decree No. 3 1995 (hereinafter referred to the the Decree) is visible in three perspectives. The first part prohibits money laundering in all its ramifications. The second part stipulates punishments for the various categories of principal and accessory offenders whether individual or body corporate. The final part contains the miscellaneous provision dealing with substantive and ancillary powers vested in the Law Enforcement Agencies for the purpose of the implementation of the intendment of the Decree. In this article, an attempt will be made to analyse and scrutinise the general scope of the Decree, powers conferred therein and the resultant impact of the legitimate and illegitimate trade and the possible undue encroachment on the rights of the citizenry. Limitations will be identified and reforms suggested. Before delving into a detailed examination of the provisions of the Decree, a general introduction as to the meaning and contents would be helpful and necessary.

Citation

Osimiri, U. (1997), "Nigeria: Critique of the Money Laundering Degree No. 3 1995", Journal of Money Laundering Control, Vol. 1 No. 1, pp. 84-96. https://doi.org/10.1108/eb027124