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Nigerian Bank Admits Misleading U.S. Investigators to Thwart Laundering Probe
By Brian Monroe
printA Nigeria bank escaped prosecution by U.S. authorities by admitting it tried to mislead officials investigating a business for possible fraud and laundering more than $5 million. In a nonprosecution agreement reached Friday with the U.S. Attorney's Office for the Southern District of New York, United Bank for Africa PLC admitted that it falsified employment data to stymie the investigation. The charges stemmed from incidents involving two customer accounts at the Lagos-based bank's New York branch, one controlled by the bank's former chairman. The incidents, which occurred between May 1998 and March 2004, continued amid inquiries from Nigerian regulators and...
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