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Nigeria's parliament passed legislation on Wednesday meant to help authorities tackle money laundering and funding for terrorism by allowing its financial intelligence unit to operate free of ...
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 ...
The NFIU was established in 2004 as an autonomous unit within the central coordinating body for the country's Anti-Money Laundering, Counter-Terrorist Financing, and Counter-Proliferation Financing (AML/CFT/CPF) framework of Central Bank of Nigeria. It also operates as part of Economic and Financial Crimes Commission.
The fourth iteration of the EU's anti-money laundering directive (AMLD IV) was published on 5 June 2015, after clearing its last legislative stop at the European Parliament. [42] This directive brought the EU's money laundering laws more in line with the US's, which is advantageous for financial institutions operating in both jurisdictions. [43]
ABUJA (Reuters) -A Nigerian court on Wednesday ordered the release of Binance executive Tigran Gambaryan after the government dropped money laundering charges against him to allow him to get ...
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.
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]
Corruption in Nigeria is a constant phenomenon. In 2012, Nigeria was estimated to have lost over $400 billion to corruption since its independence. [2] [3] Nigerian politicians find themselves in a strong position of power and wealth due to their connections with the oil and gas industries in Nigeria.