Sentences with phrase «of money laundering act»

I suppose our CREA was far too busy adopting its wonderful new Privacy Code to notice that its provisions and those of the Money Laundering Act were diametrically opposed.

Under the Prevention of Money Laundering Act, 2002, the Securities and Exchange Board of India has issued a guideline which obliges Mutual Fund providers to follow improved Know Your Customers (KYC) norms.

Under the Prevention of Money Laundering Act (PMLA), Know Your Customer (KYC) norms have been mandated to track the legality of funds used in an investment.

After recent changes in PMLA (Prevention of Money Laundering Act) act, SEBI has mandated all the mutual fund investors to link mutual funds...

After recent changes in PMLA (Prevention of Money Laundering Act) act, SEBI has mandated all the mutual fund investors to link mutual funds with AADHAAR.

SEBI has issued guidelines under Prevention of Money Laundering act, 2002 which require all Mutual fund companies to follow KYC process for their customers.

As per the recent amendments to Prevention of Money Laundering Act (PMLA) Rules, 2017, Financial Institutions like Mutual Funds are mandated to obtain Aadhaar Number from their customers and link the same to the respective accounts / Folios.

The EFCC accused the minister's son of carrying out business transactions worth billions of naira in violation of Money Laundering Act.

The statement read in part, «The commission, which preferred 24 charges against the ex-banker before Justice Babatunde Quadri of the Federal High Court, Maitama, Abuja, accused him of transferring N78, 521, 431.61 from the Federal Government Pension funds into private accounts held by nonpensioners in contravention of Section 15 (2)(b) of the Money Laundering Act 2011.

FG specifically alleged that he acted in breach of extant provisions of the Money Laundering Act, the EFCC Act and the Public Procurement Act, for receiving huge sums of money from the office of the NSA, for unsubstantiated purpose.

Not exact matches

Because of legislation such as the Bank Secrecy Act, signed into law in 1970, and the Patriot Act, which was made law in 2001, those institutions must maintain strict compliance programs to monitor for signs of money laundering, terrorist financing, and other criminal acts, and they are obligated to report suspicious activities to authorities.

Recently, the Canadian Bar Association offered carefully worded recommendations to a federal finance committee tasked with reviewing the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

Otto de Voogd, the site's operator, told ERR News that he had received e-mails in which the Estonian Financial Intelligence Unit requested, under the Money Laundering and Terrorist Financing Prevention Act, «copies of IDs of clients, internal measures or procedure of due diligence,» and evidence btc.ee was registered as a trader of currencies.

New rules aimed at preventing the use of the growing crypto - sector for money laundering, tax evasion and other criminal acts.

To the extent that the activities of the Trust cause it to be deemed a «money transmitter» under the regulations promulgated by FinCEN under the authority of the US Bank Secrecy Act, the Trust may be required to comply with FinCEN regulations, including those that would mandate the Trust to implement anti-money laundering programs, make certain reports to FinCEN and maintain certain records.

The second charge accused Suiming Electricals of aiding the senator and Golden Touch Construction Projects Ltd to commit money laundering acts contrary to the laws of the land.

The offence is punishable under Section 15, Subsection 3 of the Money Laundering (Prohibition) Act as amended in 2012.

One of the counts reads: «That you, Mrs. Diezani Allison Madueke (still at large) and Tijani Inda Bashir on or about the 27th day of March, 2015 in Nigeria within the jurisdiction of this Honourable Court directly took possession of the sum of N264, 880,000.00 (Two Hundred and Sixty - four Million, Eight Hundred and Eighty Thousand Naira) which sum you reasonably ought to have known forms part of the proceeds of an offence contrary to Section 15 (2)(d) of the Money Laundering (Prohibition)(Amendment) Act, 2012 and punishable under Section 15 (3) of the same Act.»

By Arthur Z. Schwartz Way back in our November 1 edition, before either Sheldon Silver or «Dean» Skelos had been convicted of bribery, money laundering, and other acts of corruption, I published a piece which alleged that Assembly Member Deborah Glick had her own questions to answer.

In the letter read by Saraki, during plenary, Buhari informed that the first bill provides for the repeal of Money Laundering (Prohibition) Act 2011 as amended in 2012.

The Panama Papers revelations have triggered a multitude of probes around the world as authorities look for evidence people named in them might have committed tax fraud, money laundering or other criminal acts.

The offences were said to be contrary to and punishable under various provisions of the Money Laundering (Prohibition) Act, 2011, and the Advance Fee Fraud and Other Related Offences Act.

He said, «We find it demeaning, insulting and outrageous that our senator acted as an escort and body guard to the wife of the Senate President when she was arraigned in court on charges of money laundering by the Economic and Financial Crimes Commission.

The offence, the EFCC said was punishable under Section 15 (3) of the Money Laundering (Prohibition) Act 2011.

The Federal Government which preferred that charge said that Ngwuta contravened Section 15 (2)(d) of the Money Laundering (Prohibition) Act, 2012 (as amended).

The offences, according to the EFCC, contravene the provisions of Section 15, 15 (3), 16, 16 (2) 18 (a) and 18 (d) of the Money Laundering (Prohibitions)(Amendment) Act, 2012.

The accused person was also accused of transacting business with $ 2m cash said to be above the threshold of cash payments prescribed by the Money Laundering (Prohibition) Act.

The offence is said to be contrary to the provisions of Section 18 (a) of Money Laundering (Prohibition)(Amendment) Act, 2012.

The offences are contrary to Section 18, 16 (2) 16 (1) of the Money Laundering (Prohibition) Act 2011 as amended in 2012 and punishable under Section 15 (3) of the same Act.

Dasuki is standing trial on a five count charge bothering on illegal possession of firearms and possession of amounts of local and foreign currency in his residence contrary to Money Laundering Act.

The said offence which contravenes Section 15 (2)(d) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15 (3) of the same Act.

«That you, Olisa Metuh and Destra Investments Limited on or about the 24th November, 2014 in Abuja, did retain the sum of N400m on behalf of the Peoples Democratic Party of its campaign activities by concealing the said sum in your account with Diamond Bank Plc, when you reasonably ought to have known that such fund formed part of the proceeds of an unlawful activity of Col. Sambo Dasuki (Rtd), the then National Security Adviser, (to wit: criminal breach of trust and corruption), and you thereby committed an offence contrary to Section 17 (a) of the Money Laundering (Prohibition) Act, 2011 as amended in 2012 and punishable under Section 17 (b) of the same Act.

Account No. 0040437573 from the account of the Office of the National Security Adviser with the Central Bank of Nigeria without contract award, when you reasonably ought to have known that the said fund formed part of the proceeds of an unlawful activity of Col. Mohammed Sambo Dasuki (Rtd) the then NSA (To wit: criminal breach of trust and corruption) and thereby committed an offence contrary to section 15 (2)(d) of the Money Laundering (Prohibition) Act, 2011, as amended in 2012 and punishable under section 15 (3) of the same Act.

«That you, Olisa Metuh and Destra Investment Limited on or about the 24th November, 2014 in Abuja converted the sum of N400m paid into the account of Destra Investment Limited with Diamond Bank Plc, Account No: 0040437573 from the account of the office of the National Security Adviser with the Central Bank of Nigeria without contract award when you reasonably ought to have known that the said fund formed part of the proceeds of an unlawful activity of Col. Mohammed Sambo Dasuki (Rtd) the then National Security Adviser (To Wit: criminal breach of trust and corruption) and thereby committed an offence contrary to Section 15 (2), (d) of the Money Laundering (Prohibition) Act, 2011 as amended in 2012 and punishable under Section 15 (3) of the same Act.

«That you, Olisa Metuh and Destra Investments Limited on or about the 2nd Dec. 2014 in Abuja, did make a cash payment through your agent one Nneka Nicole Ararume to one Sie Iyenome of Capital Field Investment, to the tune of $ 1,000,000.00 USD (One Million United States Dollars) only and thereby committed an offence contrary to Section 1 of the Money Laundering (Prohibition) Act, 2011 as amended in 2012 and punishable under Section 16 (2)(b) of the same Act.

The offence contravenes Section 15 (2)(d) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15 (3) of the same Act.

According to the judge, Section 16 (2)(b) of the Money Laundering (Prohibition) Act, under which Nwosu was charged, prescribed a minimum of two years imprisonment or a fine of N10m for anyone convicted under the Act.

The duo were said to have made the transaction without going through any financial institution an act the EFCC claimed was contrary to sections 1 (a) and 16 (d) of the Money Laundering (Prohibition)(Amendment) Act, 2012 and punishable under Section 16 (2)(b) of the same Aact the EFCC claimed was contrary to sections 1 (a) and 16 (d) of the Money Laundering (Prohibition)(Amendment) Act, 2012 and punishable under Section 16 (2)(b) of the same AAct, 2012 and punishable under Section 16 (2)(b) of the same ActAct.

«It will be recalled that following relentless media attack on my person by the EFCC acting in concert with some powerful families with known ties to the government which culminated in the filing of phantom money laundering and corruption charges against me, I made spirited efforts to engage with relevant officials of government including the EFCC, the Office of the Attorney General of the Federation and the Presidency to furnish them with all the information in respect of the OPL 245 Settlement Agreement between the Federal Government of Nigeria and Malabu Oil & Gas Limited which was brokered by the administration of President Olusegun Obasanjo, GCFR.

The EFCC prosecutor, Mr. Rotimi Oyedepo, told the court that the said conspiracy and indirect retention of the N1.5 bn constituted an offence under Section 18 (a) of the Money Laundering (Prohibition)(Amendment) Act, 2012, punishable under Section 15 (3)(4) of the same Act.

The Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu has expressed the Commission's preparedness to go after any operator of Designated Non-Financial Institutions (DNFIs) found to be aiding or abetting money laundering and terrorism financing in the country.

The Money Laundering Act says if you take cash in excess of N5 million transaction, it is money laundering and it is crimMoney Laundering Act says if you take cash in excess of N5 million transaction, it is money laundering and it isLaundering Act says if you take cash in excess of N5 million transaction, it is money laundering and it is crimmoney laundering and it islaundering and it is criminal.

They were also accused of violating Section 18 (a) of the Money Laundering (Prohibition)(Amendment) Act 2012 and liable to punishment under Section 15 (3) of the same Act which they all pleaded not guilty to.

The prosecution said the defendants acted contrary to sections 18 (a) and15 (2)(d) of the Money Laundering (Prohibition) Act 2011 and are liable to punishment under Section 15 (3) of the same Act.

The Second Circuit Court of Appeals tossed Silver's conviction on honest services fraud, extortion and money laundering charges, citing a US Supreme Court case that narrowed the definition of «official act.»

One of the counts reads: «That you Air Chief Marshal Alex S Badeh (whilst being the Chief of Air Staff, Nigerian Air Force) and IYALIKAM NIGERIA LIMITED between 28th March and 5th December, 2013 in Abuja within the jurisdiction of this Court, did use an aggregate sum of N878, 362,732.94 (Eight Hundred and Seventy - Eight Million, Three Hundred and Sixty Two Thousand, Seven Hundred and Thirty - Two Naira, Ninety - Four kobo) removed from the accounts of the Nigerian Air Force and paid into the account of Rytebuilders Technologies Limited with Zenith Bank Plc for the construction of a shopping mall situate at Plot 1386, Oda Crescent Cadastral Zone A07, Wuse II, Abuja for yourself, when you reasonably ought to have known that the said funds formed part of the proceed of unlawful activity (to wit: criminal breach of trust and corruption) of Air Chief Marshal Alex S Badeh and you thereby committed an offence contrary to Section 15 (2)(d) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15 (3) of the same Act»

Counsel for the EFCC, Rotimi Oyedepo, said they acted contrary to Section 18 (a) of the Money Laundering (Prohibition) Act, 2012, and were liable to punishment under Section 15 (3) and 4 of the same Act.

The offences, according to the EFCC, contravene Sections 18 (a) of the Money Laundering (Prohibition)(Amendment) Act, 2012.

He allegedly paid various cash sums of money beyond the limit set by the Money Laundering Act for purchase of houses without going through a financial institumoney beyond the limit set by the Money Laundering Act for purchase of houses without going through a financial instituMoney Laundering Act for purchase of houses without going through a financial institution.

The commission said the charges were contrary to section 15 (2d) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under section 15 (3) of the same aAct, 2011 (as amended) and punishable under section 15 (3) of the same actact.