CRYPTO CRIME | Nigerian Court Jails Man for 5 Years for Money Laundering via Crypto

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The Federal High Court in Lagos, Nigeria, has sentenced a man to five years in prison for laundering proceeds of cybercrime through crypto, foreign currency, and real estate.

This latest conviction forms part of the EFCC Nigeria’s broader enforcement efforts against non-compliance with the:

  • Money Laundering (Prevention & Prohibition) Act, 2022
  • Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) regulations under the Financial Action Task Force (FATF) framework, particularly targeting Designated Non-Financial Businesses and Professions (DNFBPs) – including crypto asset businesses.

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