Section 12: Fund

12. Fund.—(1) There shall be established a fund to be known as National Anti-Money Laundering and Countering Terrorism Authority Research and Development Fund. (2) The Fund shall consist of,— (a) funds or budget amount received from the Federal Government; (b) grants made by the international bodies, organizations and entities, in accordance with procedures laid down by the Federal Government; and (c) such other sums as may be received by the Authority. (3) The Fund shall be administered by the Director General in such manner as may be prescribed. (4) The Authority may receive international assistance in the field of anti-money laundering and countering terrorism in the manner as may be prescribed.

Effective date: 2023-08-07

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