Money laundering:$157.5bn left Nigeria between 2003 and 2012 —Buhari
Nigeria’s president Muhammadu Buhari has disclosed that Nigeria lost an estimated 157.5 billion dollars to illicit financial flows between 2003 and 2012. Femi Adesina, the president’s spokesman, said Buhari disclosed this in an address to the high-level national side-event organised by the African Union Development Agency and New Partnership for Africa’s Development. The event was […]
Money laundering: FATF to screen banks, BDC, others
The global body that sets standard for anti money laundering (AML/CFT) efforts, the Financial Action Task Force team, will assess banks and other financial institutions’ compliance with the Anti-Money Laundering and Counter Financing of terrorism measures. The team also plans to carry out checks at the branches of selected banks and Bureau De Change offices […]
Stepping up the fight against money laundering and terrorist financing
Corrupt officials, tax cheats, and the financial backers of terrorism have one thing in common: they often exploit vulnerabilities in financial systems to facilitate their crimes. Money laundering and terrorist financing can threaten a country’s economic and financial stability while funding violent and illegal acts. That is why many governments have stepped up the fight […]
Africa ‘hemorrhaging’ billions in illicit financial flows- Experts
Africa loses an estimated $50 billion a year to illicit financial flows, leaving governments strapped for cash and dependent on development aid. The continent is “hemorrhaging” money because of the failure of countries to enact strong legislation to check money flows, says Rose Acha, Cameroon’s supreme state audit minister and secretary general of the African […]