Nigeria

New Documents

Nigerian Financial Intelligence Unit published its annual report for the 2019, highlighting its regulatory achievements and work in support of its efforts to combat money laundering and terrorist financing.

The State House of Assembly of Lagos State, Nigeria announced that it adopted the recommendations of the Judiciary Committee on a bill to establish a Public Compliant and Anti-Corruption Commission.

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Enforcement Actions

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Important Facts

  • The U.S. State Department labels Nigeria as a major money laundering country. 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 borers, 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: 2020 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 : 146/180
Score : 26/100

Tax Justice Network i

Rank : 34/133
Score : 70/100