Section 14: Obligation to report suspicious transaction relating to terrorism.

(1) A financial institution or designated non financial institution shall, within a period not more than 72 hours, forward reports of suspicious transactions relating to terrorism to the Financial Intelligence Unit which shall process such information and forward it to the relevant law enforcement agency where they have sufficient reasons to suspect that the funds-
(a) are derived from legal or illegal sources but are intended to be used for any act of terrorism;
(b) are proceeds of a crime related to terrorist financing; or
(c) belong to a person, entity or organization considered as terrorist.
(2) A financial institution or designated non-financial institution is not liable for violation of the confidentiality rules for every lawful action taken in furtherance of its obligations under sub-section (1) of this section.
(3) The details of a report sent by the institution or designated non-financial institution shall not be disclosed by the institution or any of their officers to any other person.
(4) A person who breaches of sub-section (3) of this section commits an offence under this Act and is liable on conviction to a minimum fine of N5,000,000.00 or a term of imprisonment not exceeding 5 years
(5) Where a breach of sub-section (1) of this section occurs and it is shown that the breach is not deliberate, the Financial Intelligence Unit shall impose such administrative sanctions as it may deem necessary.
(6) Where the institution continues with the breach, it shall, on conviction, be liable to a minimum fine of N5,000,000.00 or imprisonment for a maximum term of five years for the principal officers of the institution or the defaulting officer.