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Find Related Questions by Tags, levels, etc.
Management of Banana Follow Me Limited plans to invest in factory equipment and fittings to attract more customers, using sufficient cash reserves for these capital expenditures. A significant risk associated with money laundering exists due to the high volume of cash transactions and regular overseas bank transfers.
Required:
i. Discuss THREE requirements of an anti-money laundering programme which the auditor of Banana Follow Me Limited should have in place for detecting and reporting suspicion of money-laundering.
(6 Marks)
ii. State ONE example of the criminal offenses connected with money laundering. (1 Mark)
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The Money Laundering (Prohibition) Act empowers the agency to place surveillance on certain bank account transactions to curb money laundering.
Required:
State FOUR transactions which require special surveillance under the Act.
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Find Related Questions by Tags, levels, etc.
The Money Laundering (Prohibition) Act 2004 contains important provisions aimed at preventing money laundering, one of which is the limitation on the amount of cash payment.
Required:
State the limitation on the amount of cash payment under the Act.
(5 Marks)
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Find Related Questions by Tags, levels, etc.
The limit of cash payment or acceptance by a body corporate outside a financial institution under the Money Laundering (Prohibition) Act is
A. N1,000,000.00
B. N2,000,000.00
C. N5,000,000.00
D. N7,500,000.00
E. N10,000,000.00
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a. Adamu, a public officer whose duties relate to the administration of justice, was caught on camera corruptly requesting money from a person with a view to avoiding his duties to favor that person.
Required:
i. Under the Criminal Code, what offence could Adamu be charged for and what punishment is he liable to if convicted? (2 Marks)
ii. What would be Adamu’s punishment on conviction if his duties did not relate to the administration of justice? (2 Marks)
b. Thomas carried out a series of transactions on his bank account involving a frequency considered by the bank manager, Alhaji Adeyemo, to be unjustifiable or unreasonable. Adeyemo reported the transactions to the Economic and Financial Crimes Commission, leading to the interrogation of Thomas. Thomas has now filed a civil action for defamation against Alhaji Adeyemo.
Required:
Advise Alhaji Adeyemo on possible liability for the action and his possible defence. (4 Marks)
c. George, who is the chief accountant of Digital Supermarkets, has reasons to believe that certain online lodgments into the supermarket’s bank account by one of the salesgirls were highly suspicious.
Required:
i. What steps should George take as the accountant? (2 Marks)
ii. Explain briefly what you understand by ‘electronic fraud’. (2 Marks)
d. Brenda, an agent who had instructions to sell her principal’s house in the open market, bought the house for herself using her brother as a front without informing the principal.
Required:
State TWO duties Brenda has breached as an agent. (2 Marks)
e. Ngozi retains part of the goods he was instructed to sell as an agent on the ground that the principal has refused to indemnify him for reasonable expenses incurred in the course of carrying out the agency.
Required:
State the condition under which Ngozi, as an agent, could lawfully retain the goods. (2 Marks)
f. Juliet is an officer of an auctioneer company with instructions to auction properties belonging to Adams, but the warehouse handlers displayed goods belonging to Mathias in error. Mathias has brought a suit against Juliet for negligence.
Required:
i. Advise Juliet on the defence or defences available to her, explaining briefly the rule of law for your advice. (2 Marks)
ii. State TWO necessary ingredients which must be proved by a plaintiff to succeed in an action for negligence. (2 Marks)
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Find Related Questions by Tags, levels, etc.
What offence is committed when a person transfers money derived from illicit traffic in cocaine in such a way as to hide the illicit source of the money and to avoid the law?
A. Drug trafficking
B. Unlawful transfer
C. Money trafficking
D. Money laundering
E. Illicit trafficking
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The Money Laundering (Prohibition) Act stipulates guidelines to regulate funds transfers by individuals and corporate bodies.
Required:
i. Limitation of cash transactions by corporate bodies (2 Marks)
ii. Limitation for international transfer of foreign currencies (2 Marks)
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Under the Money Laundering (Prohibition) Act, except through a financial institution, a cash payment of not more than N5,000,000 must not be made by a/an:
A. Private company
B. Body corporate
C. Non-governmental organisation having incorporated trustees
D. Individual
E. Government agency
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Which of the following is NOT an aim of the Money Laundering (Prohibition) Act?
A. Limiting the amount of cash payment and receipt
B. Regulating over the counter transactions
C. Prescribing foreign currencies that are acceptable in Nigeria
D. Providing for proper identification of bank customers
E. Empowering the NDLEA to place surveillance on certain bank accounts
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The Money Laundering (Prevention and Prohibition) Act, 2022 stipulates punishments for various offences under the Act. Required:
Explain briefly the punishment for laundering drug money by the following persons:
i. Individual (minimum and maximum punishments) (2 Marks)
ii. Corporate body (2 Marks)
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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
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The National Drug Law Enforcement Agency has certain powers over bank accounts pursuant to the Money Laundering (Prohibition) Act.
Required:
State THREE powers that the Agency may exercise to identify and locate proceeds of property or things related to commission of offence.
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Which of the following is NOT a purpose of the Money Laundering (Prohibition) Act?
A. Limiting the amount of cash withdrawal from bank account
B. Regulating public cash procurement
C. Regulation of over-the-counter exchange transaction
D. Provision of proper means of identifying bank customers
E. Enabling the National Drug Law Enforcement Agency to place surveillance on bank account
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Find Related Questions by Tags, levels, etc.
The Money Laundering (Prohibition) Act requires financial institutions to keep special surveillance on some transactions.
Required:
State TWO transactions that require the special surveillance of financial institutions. (4 Marks)
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