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- 1 Marks
Question
The Money Laundering (Prohibition) Act provides that no individual person shall make or accept cash payment, EXCEPT through a financial institution, of an amount of money exceeding the sum of
A. ₦1,500.00
B. ₦2,000.00
C. ₦4,000.00
D. ₦3,000.00
E. ₦5,000.00
Answer
Answer:
E. ₦5,000.00
Explanation:
Under the Money Laundering Act, any cash transaction exceeding ₦5,000 must be conducted through a financial institution to prevent illegal activities.
- Tags: Financial Transactions, Legal Limits, Money laundering
- Level: Level 1
- Topic: Law Relating to Banking
- Series: MAY 2016
- Uploader: Kwame Aikins