By Tricia Onwaeze
In what may be considered a fresh move in its ongoing fight against money laundering, the Federal Government has perfected plans to introduce stricter regulations in the operation of casinos in Nigeria.
This development comes days after the National Assembly passed a new law which prohibits ownership and operation of shell accounts in the country.
It would be recalled that on Thursday, President Muhammadu Buhari assented to three important bills, including the Money laundering (Prevention and Prohibition) Bill, 2022.
The new money laundering law provides for the establishment of a Special Control Unit Against Money Laundering under the Economic and Financial Crimes Commission (EFCC) with sole responsibility of monitoring financial transactions within and outside the country.
According to Section 5 of the law, casino operators are expected to request for valid financial documents from their customers, and forwarded to the Special Control Unit.
Just as Section 12(1-2) of the Act prohibits the number or anonymous accounts, accounts in fictitious names and shell banks.
“The opening or maintaining of numbered or anonymous accounts by any person, Financial Institution or body corporate is prohibited. A person shall not establish or operate a shell bank in Nigeria,” it read.
