The newly elected Tory government wants to empower the United Kingdom's Charity Commission to close down groups that "misappropriate funds towards extremism and terrorism" as part of its efforts to combat terrorism.
Recent political turmoil and ever-rising regulatory expectations for banks have made it significantly tougher for British charities to send financial aid abroad, according to a survey.
Nigerian politicians deposited millions of dollars obtained through bribes into accounts at some of the U.K.'s most prestigious banks, which subsequently faced no apparent regulatory penalties, a British advocacy group said Monday.
Nigeria should prohibit banks from maintaining anonymous accounts, lower reporting requirements on wire transfers and enact counter-terrorism financing laws, according to a report by an African anti-money laundering watchdog.
Egmont also admitted India, Armenia, Belarus and Niue during its annual plenary meeting, a spokesperson for the U.S. Financial Crimes Enforcement Network confirmed.
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