A London-based charity founded by former Nigerian President Olusegun Obasanjo has closed its doors almost seven months after it was linked to allegations of money laundering, ACAMS moneylaundering.com has learned. The Olusegun Obasanjo Foundation (OOF), founded in February 2012 to alleviate poverty and promote development in Africa, fell under media scrutiny in May after Sahara Reports published a video and transcript allegedly showing then-chairwoman Anne Welsh negotiating to transfer $2.9 million on behalf of two unnamed Lebanese businessmen in exchange for a $900,000 payment. The two men should send the money, which was to appear as donations to fight the...
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.
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.