• 1 Marks

BL – May 2023 – L1 – SA – Q18 – Business Ethics and Corporate Governance

Identify the penalty for corporate bodies obstructing authorized officers under the Money Laundering Act.

Under the Money Laundering (Prevention and Prohibition) Act, 2022 which of the following is the punishment against corporate bodies that obstruct authorized officers of the Agency from doing their lawful duties?

A. ₦250,000 fine
B. ₦500,000 fine
C. ₦1 million fine
D. ₦5 million fine
E. ₦10 million fine

C

Explanation:
Option E is correct as the penalty for obstructing authorized officers under the Money Laundering Act is a fine of ₦1 million, reflecting the serious nature of such offenses.

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