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The Nigerian Financial Intelligence Unit (NFIU) is the financial intelligence unit of Nigeria, responsible for collecting and analyzing disclosures from reporting organizations, in order to produce financial intelligence to other agencies combating money laundering, terrorism financing, and other financial crimes.
As part of the efforts to combat the criminal offences such as money laundering and terrorist financing, Financial Intelligence Units (FIU) have opted goAML as the most sought-after methodology for providing a comprehensive and insightful intelligence to the respective authorities to make informed decisions including reporting of suspicious transactions reporting mechanism.
The Economic and Financial Crimes Commission (EFCC) was established on December 12, 2002, by President Olusegun Obasanjo's administration to combat financial crimes and money laundering. The commission's creation was partly in response to pressure from the Financial Action Task Force (FATF) on Money Laundering, which had ranked Nigeria as one ...
Although its main focus is on tax crime, the OECD is also concerned with money laundering and has complemented the work carried out by the FATF. [ 46 ] The OECD has maintained a 'blacklist' of countries it considers "uncooperative tax havens" in the drive for transparency of tax affairs and the effective exchange of information, officially ...
Money laundering is the process of illegally concealing the origin of money obtained from illicit activities (often known as dirty money) such as drug trafficking, underground sex work, terrorism, corruption, embezzlement, and treason, and converting the funds into a seemingly legitimate source, usually through a front organization.
The SEC's Division of Examinations (commonly known as EXAMS) is the oversight branch of the Securities and Exchange Commission. It's the second largest section of the agency, after the enforcement ...
The Nigerian government had been butting heads with the crypto exchange for months over allegations that Binance facilitated money laundering and terrorism financing, and played a role in ...
The procedures fit within the broader scope of anti-money laundering (AML) and counter terrorism financing (CTF) regulations. KYC processes are also employed by companies of all sizes for the purpose of ensuring their proposed customers, agents, consultants, or distributors are anti- bribery compliant and are actually who they claim to be.