Nigeria has topped a regional anti-money laundering watchdog group's list of African countries with poor compliance controls, according to a news report published Wednesday. The country has the weakest anti-terrorist financing standards when compared to 11 other West African countries, according to remarks attributed to Dr. Abdullahi Shehu, the director of the Inter-governmental Action Group Against Money Laundering and Terrorist Financing in West Africa (GIABA), by the Nigerian News Service. Although Nigeria has improved its anti-money laundering programs enough to get off international and U.S. blacklists in 2006 and 2007, it has not yet met standards set by the regional...
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.
U.S. Representative William Jefferson pleaded not guilty today to federal charges that he solicited more than $400,000 in bribes to advance business dealings between U.S. companies and Nigerian officials.
The charges against Lagos, Nigeria based United Bank for Africa PLC stem from incidents involving two of the bank's New York branch customer accounts, including one controlled by the bank's former chairman.