Nigeria

New Documents

Nigerian Federal Executive Council Adopts National Anti-Corruption Policy

Nigeria’s Independent Corrupt Practices and Other Related Offenses Commission announced that the Federal Executive Council approved the National Ethics and Integrity Policy at its Aug. 19, 2020 meeting.

October 15, 2020

Nigeria ICPC to Host Second Summit on Combating Public Sector Corruption

Nigeria’s Independent Corrupt Practices and Other Related Offenses Commission announced plans to host the 2nd National Summit on Diminishing Corruption in the Public Sector.

October 15, 2020

Nigerian Anti-Corruption Commission Investigates Top Public Officials for COVID-19-related Misappropriation

September 17, 2020

Nigerian ICPC Announces Sentencing of Corrupt Former Finance Director

September 17, 2020

Nigerian Central Bank Releases Draft FinTech Sandbox Regulations

September 17, 2020

News

Midweek Roundup: BNP Paribas Hit with Epstein Subpoena, Swiss Accuse Bank of AML Breaches, and More

ING Shutters Ghanaian Accounts, EY ignored internal warnings about Wirecard, and more, in the midweek roundup.

October 7, 2020

Kleptocrats of the World Have United: Author

Financial Times correspondent Tom Burgis spoke to senior reporter Koos Couvée about modern kleptocrats, the extent to which they have united their efforts, and aided by top attorneys and secret offshore finance, penetrated “rule of law” states in the West.

October 5, 2020

Weekly Roundup: JPMorgan Chase Fired Staff Over Coronavirus Loan Fraud, Austria Investigates Bank Executive, and More

September 11, 2020

Weekly Roundup: Steve Bannon Charged with Money Laundering, Regulators Issue PEP Guidance, and More

August 21, 2020

Midweek Roundup: HSBC Rejects China’s Accusations, Beijing Urges Migration from Swift, and More

July 29, 2020

Enforcement Actions

0 Items Found

Key Documents

Nigeria Publishes AML/CFT Examination Manual

August 24, 2011

Nigeria Amends Terrorism Prevention Act, Strengthens Terrorist Financing Offenses

February 21, 2013

Nigeria Strengthens Its Money Laundering Prohibition Act

November 29, 2012

Nigeria Regulator Finalizes AML/CFT Regulation

May 5, 2010

Nigeria Issues AML/CFT Requirements for Insurers

January 14, 2011

Nigeria Publishes AML Manual for Capital Market Operators

July 28, 2010

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