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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 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.
Structuring: Often known as smurfing, is a method of placement whereby cash is broken into smaller deposits of money, used to defeat suspicion of money laundering and to avoid anti-money laundering reporting requirements. A sub-component of this is to use smaller amounts of cash to purchase bearer instruments, such as money orders, and then ...
According to the letter of the law, banks must use different methods to identify and prevent money laundering. Not only do bank employees pay attention to each transaction as it's being made, but ...
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 Central Bank of Nigeria also listed Regulations to prevent Money laundering in Nigeria. The Apex bank stated that all transactions conducted through correspondent banking relationships shall be managed with a risk-based approach and Know Your Correspondent procedures, this is to ascertain whether the bank or financial institution is ...
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 Egmont Group of Financial Intelligence Units is an international organization that facilitates cooperation and intelligence sharing between national financial intelligence units (FIUs) to investigate and prevent money laundering and terrorist financing. National FIUs collect information on suspicious or unusual financial activity and are ...