The Adoption of a Money‐Laundering Law in Nigeria

Abstract

A landmark development in the fight against drug trafficking and other types of fraud in Nigeria was the promulgation of the Money Laundering Decree No. 3 of 1995. Though this is an integral part of an international effort which started mainly to curtail drug trafficking, its adoption in Nigeria is particularly notable given the reputation of the country for fraud, corruption and drug trafficking. For instance, a recent survey by Transparency International — a German‐based international group that interviewed business people worldwide — listed Nigeria as the most corrupt country in the world. Also the infamous Nigerian advance fee fraud scam (‘419’), codenamed after the section of the criminal code that deals with such fraud, is currently a subject of international attention while the country is also widely criticised as a centre for drug trafficking. It has, for instance, been noted that:

Citation

Ugochukwu Uche, C. (1998), "The Adoption of a Money‐Laundering Law in Nigeria", Journal of Money Laundering Control, Vol. 1 No. 3, pp. 220-228. https://doi.org/10.1108/eb027144