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U.K. Banks, Regulator Allowed Millions of Dollars in Corrupt Nigerian Transactions: Think Tank

By Colby Adams

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. The questionable funds, which totaled over $17 million, were held in accounts at Barclays, Royal Bank of Scotland (RBS), NatWest, HSBC and Swiss-based UBS AG between 1999 and 2005, according to Global Witness, a London-based think tank. The accounts were maintained for two Nigerian governors who were separately accused of laundering $4.6 million. The group also criticized the U.K.'s Financial Services Authority (FSA) in the report for failing...

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