• 1 Marks

BL – Nov 2023 – L1 – SA – Q3 – Company Law

This question asks about the non-objectives of the Money Laundering (Prohibition) Act.

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

C
Explanation:
The Money Laundering (Prohibition) Act does not involve prescribing foreign currencies acceptable in Nigeria. Its primary goals are to limit cash transactions, regulate banking transactions, enforce customer identification, and allow agencies like the NDLEA to monitor suspicious accounts. Therefore, option C is the correct answer as it is not aligned with the Act’s objectives.

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