BusinessCompany NewsNigeria escapes money laundering rap

Nigeria escapes money laundering rap

Government taken off key blacklist of suspect countries

Nigeria has been taken off a key blacklist of countries involved with money
laundering.

The government of the African country has been removed from a Financial
Action Task Force (FATF) black-list of countries deemed not cooperating with the
international community’s crackdown on money laundering.

FATF’s ruling plenary was persuaded by Nigeria setting up a financial
intelligence unit to detect money laundering and movements of terrorist finance,
while securing prosecutions and convictions from criminal investigations into
these offences.

In addition, FATF said: ‘Nigeria has taken steps at the highest levels to
fight corruption.’

Nigeria is thought to have made a lot of progress since the blatant asset
stripping and negligence of its 1990s dictatorships.

The decision leaves only one country on FATF’s blacklist: Myanmar, whose
military regime continues to be mired in allegations of links to drug traders.

Financial institutions have to take special care dealing with businesses and
governments from FATF blacklisted countries and sometimes avoid any commercial
relationships.

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor