Money Laundering (Prohibition) Act, 2004

The Money Laundering (Prohibition) Act of Nigeria was adopted on 24 March 2004.

This Act 

• provides for the repeal of the Money Laundering (Prohibition) Act 2003;
• makes comprehensive provisions to prohibit the laundering of the proceeds of a crime or an illegal act; and
  
• provides appropriate penalties and expands the interpretation of financial institutions and scope of supervision of regulatory authorities on money laundering activities, among other things.