Section 61: Freezing obligation in respect of proliferation financing.

(1) Upon publication of the UN Consolidated List of persons and entities designated under UNSCRs that relate to the prevention and disruption of the financing of proliferation of weapons of mass destruction, all natural and legal persons in Nigeria, including financial institutions, designated nonfinancial businesses and professions, and other entities in Nigeria shall be required to, immediately, identify and freeze all funds, assets, and any other economic resources belonging to a designated person or entity in their possession and report same to the Nigeria Sanctions Committee.
(2) The freezing obligation under subsection (1), shall extend to—
(a) all funds or other assets that are owned or controlled by the designated person or entity, and not just those that can be tied to a particular act, plot or threat of proliferation;
(b) those funds or other assets that are wholly or jointly owned or controlled, directly or indirectly, by designated persons or entities;
(c) the funds or other assets derived or generated from funds or other assets owned or controlled directly or indirectly by designated persons or entities; and
(d) funds or other assets of persons and entities acting on behalf of, or at the direction of designated persons or entities.
(3) In respect of designations referred to in subsection (1), sector regulators shall immediately—
(a) disseminate the UN Consolidated List to financial institutions, designated non-financial businesses and professions, and other entities;
(b) provide clear guidance to financial institutions, designated nonfinancial businesses and professions, and other entities on their obligation to take freezing action in accordance with subsection (4); and
(c) impose administrative sanctions against a financial institution, designated non-financial businesses and professions, and other entities in breach of immediate freezing obligation and rules against tipping off.
(4) The financial institutions, designated non-financial businesses and professions, and other entities shall, on receipt of the notification from sector regulators—
(a) immediately take steps to identify any funds, assets or any economic resources in their possession belonging to designated persons or entities and carry out freezing measures described in subsection (1) and (2), and report to the Sanctions Committee;
(b) immediately file a Suspicious Transactions Report to the NFIU for further analysis on the financial activities of such an individual or entity; and
(c) report, as a Suspicious Transactions Report to the NFIU, all cases of name matching in financial transactions prior to or after receipt of the List.
(5) For the purposes of this section, “immediately” means not later than 24 hours.
(6) It shall be the responsibility of all financial institution, designated non-financial businesses and professions and other entities to monitor their accounts and transactions against the UN Consolidated List.
(7) For purposes of this section, sector regulators shall—
(a) use their powers available under relevant laws or enactments to monitor the policies, procedures and actions of financial institutions, designated financial businesses and professions, and other entities under their authority, to ensure compliance with the requirements of this section; and
(b) take appropriate enforcement action and apply such sanctions as are appropriate in the event of non-compliance with any of the requirements under this section.