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Money laundering is the conversion or transfer of property; the concealment or disguising of the nature of the proceeds; the acquisition, possession or use of property, knowing that these are derived from criminal acts; the participating in or assisting the movement of funds to make the proceeds appear legitimate. Money obtained from certain ...
The EFCC was established in 2003, partially in response to pressure from the Financial Action Task Force on Money Laundering (FATF), [2] which named Nigeria as one of 23 countries non-cooperative in the international community's efforts to fight money laundering. [1] The agency has its head office in Abuja, Nigeria. The EFCC was also set up to ...
Gambling in Nigeria is not well regulated. Although there is a gambling law in place, many illegal casinos operate in the country. The legal land-based casinos are located in the two largest cities. The biggest casino is The Federal Palace Hotel in Lagos. Nigerian law focuses on activities to reduce money laundering and illegal gambling. [1]
The Association of Certified Anti-Money Laundering Specialists (ACAMS) is a global organization of professionals dedicated to controlling and preventing money laundering and terrorist financing. In June 2009, ACAMS established a Nigerian chapter in Lagos.
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.
The Nigerian mafia in Tokyo engages in heroin dealing with the yakuza, the prostitution of Filipino women, money laundering, car theft and arranging fake marriages, amongst other crimes. [45] Following a number of incidents at Nigerian-owned bars in which patrons were drugged and robbed, the United States embassy in Japan issued a warning to US ...
Men in dusty workwear trudge through a thicket, making their way up a hill where sprawling plantations lay tucked in a Nigerian rainforest whose trees have been hacked away to make room for cocoa ...
Area boys are loosely organised gangs of street children and teenagers, composed mostly of males, who roam the streets of Lagos, Lagos State in Nigeria. [14] They extort money from passers-by, public transporters and traders, sell illegal drugs, act as informal security guards, and perform other "odd jobs" in return for compensation. [15] [16]