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. While reforms meant to curb corruption are "bearing fruit," the immunity granted to some public officials and their ability to hide undeclared assets has contributed to widespread financial crime in the country, the Inter-governmental Action Group Against Money Laundering in West Africa said in a 217-page report issued Thursday. What's more, crooked Nigerian officials have laundered as much as $250 billion through Western banks, offshore financial institutions and blue chip stock...
The leak of millions of records purporting to show widespread exploitation of offshore financial centers by global leaders, lenders and criminals is expected to draw governmental scrutiny of illicit finance, however unevenly.
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.
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.