Nigeria

New Documents

The Central Bank of Nigeria announced a formal partnership with the global financial technology company, Bitt Inc., for the development of its digital currency, eNaira.

The Nigerian Independent Corrupt Practices and Other Related Offenses Commission announced plans to strengthen its collaboration with congress to address corruption and illicit financial flows in the country.  

News

Enforcement Actions

0 Items Found


Important Facts

  • The U.S. State Department labels Nigeria as a major money laundering country and a significant center for cyber crimes. Criminal proceeds laundered in Nigeria are largely derived from foreign drug trafficking, illicit gains from cybercrime, corruption, various types of fraud and other illegal activities. Money laundering occurs through the misuse of legal persons and companies, real estate investment, wire transfers to offshore entities, deposits into foreign banks, jewelry and bulk cash smuggling, reselling of luxury goods, among other methods. Money laundering vulnerabilities occur given the country's cash-based economy, weaknesses in anti-money laundering legal frameworks, inadequate identification procedures particularly with respect to beneficial owners, corruption, porous borders, and unregistered exchange houses. The proliferation of cryptocurrency exchanges in Nigeria poses an additional challenge for the investigation and prosecution of money laundering crimes.
Source: 2021 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i

Technical Effectiveness
Compliant : 2 High :
Largely Compliant : 7 Substantial :
Partially Compliant : 22 Moderate :
Non-Compliant : 18 Low :

BASEL i

Rank : 14/141
Score : 6.88/10

TRANSPARENCY INTERNATIONAL i

Rank : 149/179
Score : 25/100

Tax Justice Network i

Rank : 34/133
Score : 70/100