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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 ...
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.
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.
Since 2001, law enforcement has become more concerned about money laundering that helps fund terrorist organizations, which raises the stakes for identifying and arresting smurfs.
Gambaryan was arrested in February during a business trip to Nigeria alongside Nadeem Anjarwalla, the company’s regional manager in Africa, who fled custody and remains at large. Nigerian authorities had accused Binance, the world’s largest cryptocurrency exchange, and Gambaryan of using the platform to launder up to $35 million and to ...
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 ...
Binance's head of financial crime compliance was denied bail for a second time on Friday as his trial on money laundering charges started in Nigeria, with a judge ruling that the prison in which ...
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 ...