Section 15: Money laundering offences. (AS AMENDED BY MONEY LAUNDERING (PROHIBITION) (AMENDED) ACT, 2012)

(1) Money Laundering is prohibited in Nigeria.
(2)
Any person or body corporate, in or outside Nigeria, who directly or indirectly-
(a) conceals or disguises the origin of;
(b) converts or transfers;
(c)
removes from the jurisdiction; or
(d) acquires, uses, retains or takes possession or control of; any fund or property, knowingly or reasonably ought to have known that such fund or property is, or forms part of the proceeds of an unlawful act;
commits an offence of money laundering under this Act.
(3) A person who contravenes the provisions of subsection (2) of this section is liable on conviction to a term of not less than 7 years but not more than 14 years imprisonment.
(4) A body corporate who contravenes the provisions of subsection (2) of this section is liable on conviction to-
(a) a fine of not less than 100% of the funds and properties acquired as a result of the offence committed; and
(b)
withdrawal of licence.
(5)
Where the body corporate persists in the commission of the offence for which it was convicted in the first instance, the Regulators may withdraw or revoke the certificate or licence of the body corporate.
(6) The unlawful act referred to in subsection (2) of this section includes participation in an organized criminal group, racketeering, terrorism, terrorist financing, trafficking in persons, smuggling of migrants, sexual exploitation, sexual exploitation of children, illicit trafficking in narcotic drugs and psychotropic substances, illicit arms trafficking, illicit trafficking in stolen goods, corruption, bribery, fraud, currency counterfeiting, counterfeiting and piracy of products, environmental crimes, murder, grievous bodily injury, kidnapping, hostage taking, robbery or theft, smuggling (including in relation to customs and excise duties and taxes), tax crimes (related to direct taxes and indirect taxes), extortion, forgery, piracy, insider trading and market manipulation or any other criminal act specified in this Act or any other law in Nigeria.
(7) A person who commits an offence under subsection (2) of this section shall be subject to the penalties specified in this section notwithstanding that the various acts constituting the offence were committed in different countries or places.