Download or read book Anti Money Laundering and Counter Terrorism Financing written by Abdul Abubakar and published by African Books Collective. This book was released on 2015-10-19 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: The international community has witnessed the use of increasingly sophisticated methods to move illicit funds through the financial systems across the globe, some of which are used to finance terrorism. The continued abuse of some off-shore financial centres and the proliferation of internet banking have further increased the need for more effective detection and checks on money laundering and terrorist-financing schemes. Left unchecked, some perpetrators expand their criminal pursuits, fostering such illegal activities as corruption, drug trafficking, human trafficking, arms trafficking, smuggling and terrorism. The book focuses on, among other related matters, the relative effectiveness of Nigerian laws in curbing money laundering and terrorist financing, as well as the extent of compliance with international legal standards for combating money laundering and terrorist financing, including creating a legislative and enforcement framework for the implementation of international instruments for combating both menaces. The general conclusion is, in spite of the efforts, much is still left to be done.

Download or read book Anti Money Laundering and Counter Terrorism Financing written by Abubakar, Ibrahim Abdul and published by Malthouse Press. This book was released on 2015-10-19 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: The international community has witnessed the use of increasingly sophisticated methods to move illicit funds through the financial systems across the globe, some of which are used to finance terrorism. The continued abuse of some off-shore financial centres and the proliferation of internet banking have further increased the need for more effective detection and checks on money laundering and terrorist-financing schemes. Left unchecked, some perpetrators expand their criminal pursuits, fostering such illegal activities as corruption, drug trafficking, human trafficking, arms trafficking, smuggling and terrorism. The book focuses on, among other related matters, the relative effectiveness of Nigerian laws in curbing money laundering and terrorist financing, as well as the extent of compliance with international legal standards for combating money laundering and terrorist financing, including creating a legislative and enforcement framework for the implementation of international instruments for combating both menaces. The general conclusion is, in spite of the efforts, much is still left to be done.

Download or read book Money Laundering and Financial Crimes in Nigeria written by A. N. Ohanyere and published by . This book was released on 2003 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Combating Money Laundering in Nigeria written by Adewale Adegoke Alawiye-Adams and published by . This book was released on 2020 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: Nigeria State has been an entity from inception that is endowed with multitudes of economic and growth provoking physical and natural resources with which she could have raised her head above any micro or macro-economic storms. But this nation as blessed as she is has never been seen to have maximally explored her potentials for the good of the citizenry. Scholars of repute have come out with series of research works blaming the economic woes of the nation on bad leadership, corruption, political instability occasioned by incessant military incursions, faulty economic policies just to mention but a few. In furtherance of the quest for other causes apart from the aforementioned, our research light is beamed on money laundering, identified as a phenomenon to be completely wiped out of our system to further promote economic growth and development through home grown savings and investment, job opportunities, increased fund availability for industrialization, SMEs, and considerable increase in the per capita income as a measure of improving the nation's standard of living. Thus this paper examines the various causes of money laundering in Nigeria, challenges of fighting it, its effects on the nation's economy and offers useful suggestions on how to prevent and eliminate the causes and ultimately, the effects of the bad practice.

Download or read book A Comparative Study of the Money Laundering Laws Regulations in Nigeria the United States and the United Kingdom written by Ehi Eric Esoimeme and published by . This book was released on 2014-10-09 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Action Task Force (FATF) Recommendations set out a comprehensive and consistent framework of measures that countries should implement in order to combat money laundering, terrorist financing and financing of the proliferation of weapons of mass destruction. Although countries have followed the advice of the FATF by enacting laws that require financial institutions and designated non-financial businesses and professions (DNFBPs) to implement certain measures that can combat money laundering and terrorist financing, the approaches adopted in these different countries are not identical. This book compares the approaches adopted in Nigeria, the United States and the United Kingdom in relation to reporting requirements, money laundering offences, politically exposed persons, cash couriers, compliance officers, offences of bribery, confiscation measures, customer due-diligence measures, record keeping and level of compliance. The aim of this comparison is to determine what the best approach is-the one that strikes a fair balance between protecting the financial system against money launderers and upholding equality before the law. This book relies mainly on primary and secondary data drawn from the public domain. It also relies on documentary research. The book engages with issues that many either oversimplify or avoid altogether. It admirably met the challenge of reconciling legal, jurisdictional and operational issues akin to money laundering. Of course, full or actual reconciliation is not always possible. Creating an understanding of the complexity of language to help 'finders of fact' register this as a genuine vocational and workable anti-money laundering commodity and professional resource was but one crucial challenge ably achieved. One cannot reduce issues of law and acquisitive financial crime to a state of simplicity that does not exist. Equally, money laundering, being such an amorphous entity as a crime, is arguably de facto immeasurable in a full and real sense. Many texts address specific points of reference and requisite money laundering criminality, but here we see a splendidly holistic approach to presenting answers to the questions it poses. Writing a widely acceptable book on the massive issue of money laundering and the fragmented state of the law across key jurisdictions-as in Nigeria, the United Kingdom and the United States of America-needs order and method, as well as a flexible and running thread to connect cohesion and meaning to it all. This book provides this. The comparatives and overlaps are well presented and neatly contextualized to keep them proportionate. The highest quality grasp of legal theory resonates throughout. Current challenges are clear, and future remedies and workable answers and methods and polices are explained or hinted at. The book encourages conceptual thought as well as finite and robust guidance for learning. In essence, what we have in this superb text is clarity and not mere description of the challenges and issues it addresses. Therefore you, as either a fellow professional or an infrequent but interested observer of money laundering, knowing what money laundering is, how it has advanced more than ever with new ways, what it causes and how we attempt to govern this massive spectre of crime legally and operationally, cannot help but benefit from this book-whatever your vocation or whatever part you have in combating it.

Download or read book Combating Money Laundering in Africa written by John Hatchard and published by Edward Elgar Publishing. This book was released on 2020-10-30 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: This insightful book critically explores the political, constitutional, legal, and economic challenges of effectively combating the laundering of the proceeds of crime by politically exposed persons (PEPs) in Africa.

Download or read book Cosmetic Versus Substantive Compliance with the Global Anti money Laundering and Terrorism Financing Laws written by Olufemi Abiodun Olaoye and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Nigeria has made considerable efforts to ensure that its anti-money laundering and combating financing of terrorism (AML/CFT) laws comply with global standards. Impressively, Nigeria recently managed to have its name removed from an international blacklist of countries whose record for money laundering compliance fell far beyond the standards. Despite the robust appearance of Nigerian legal frameworks, money laundering and terrorist financing remain endemic within domestic terrain. While global approach is indispensable to combating money laundering and the financing of terrorism, the dynamics of a developing country like Nigeria present an enormous challenge. Beyond elaborate laws, it is imperative that proper attention be focused on the substantive implementation and enforcement of those laws. Challenges that have plagued Nigeria for decades include corruption, political interference, weak domestic institutions, worsening socio-economic conditions, and a lax regulatory environment. Unless these problems are tackled, Nigeria's AML/CFT laws will only be strong on paper.

Download or read book Anti money Laundering and Combating the Financing of Terrorism in Nigeria written by Sam Chukwuka Onyeka and published by . This book was released on 2014 with total page 488 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Balancing Anti Money Laundering Measures and Financial Inclusion written by Ehi Esoimeme and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: PURPOSE - This paper critically examines the anti-money laundering measures of the United Kingdom and Nigeria, to determine what the best approach is. The best approach is likely the one that strikes a fair balance between protecting the financial system against money laundering and promoting financial inclusion.DESIGN/METHODOLOGY/APPROACH - This paper relies mainly on primary and secondary data drawn from the public domain. It also relies on documentary research. FINDINGS - This paper critically analysed the anti-money laundering measures of the United Kingdom and Nigeria to determine that the anti-money laundering measures of Nigeria does not strike a fair balance between protecting the financial system against money laundering and promoting financial inclusion since it does not expressly provide for verification of a customer's identity at the account opening stage for low risk accounts. The paper however determined that the anti-money laundering measures of the United Kingdom does strike a fair balance between protecting the financial system against money laundering and promoting financial inclusion since it requires customer identification and verification before the establishment of a business relationship for customers who want to open a basic bank account. RESEARCH LIMITATIONS - This paper focuses on the anti-money laundering and financial inclusion measures in the United Kingdom's Payment Accounts Regulations 2015 and the Central Bank of Nigeria's (Anti-Money Laundering and Combating the Financing of Terrorism in Banks and Other Financial Institutions in Nigeria) Regulations, 2013.ORIGINALITY/VALUE - This Article offers a critical analysis of the anti-money laundering and financial inclusion measures of the United Kingdom and Nigeria as provided in the United Kingdom's Payment Accounts Regulations 2015 and the Central Bank of Nigeria's (Anti-Money Laundering and Combating the Financing of Terrorism in Banks and Other Financial Institutions in Nigeria) Regulations, 2013. The paper will provide recommendations on how the measures could be strengthened. This is the only article to adopt this kind of approach.

Download or read book Guide to Anti Money Laundering in Nigeria written by Olajide Olamide and published by . This book was released on 2019-05-25 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this book is to open up the field of money laundering to readers of different understanding of the subject. The book is intended for anyone interested in how Anti-money laundering measures are implemented in Nigeria. Understanding the risk of money laundering to the financial and economy of a country is critical in the wider fight against corruption.With this book, the reader is introduced to different concepts within money laundering. Then, the concepts are put into context within Nigeria's money laundering laws and regulatory framework. The structure of this book has been intentionally laid out, to ensure every chapter build on the previous ones. The approach of this book is to focus on essential concepts in money laundering so that the reader can easily explore other areas of money laundering not covered in this book. If you are looking to join the money laundering field, this book is a great place to start building your knowledge. For readers working in the financial institutions or designated non-financial institutions or as a professional (accountant, lawyer, estate agent), this book provides requisite knowledge to understand the over-arching money laundering laws within Nigeria.

Download or read book Anti Money Laundering Counter Terrorism Financing Standards in Nigeria written by Ibrahim Abdu Abubakar and published by . This book was released on 2015-05-02 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Nigerian Anti Money Laundering Laws and the Innocent Bank Customers written by Bariyima Sylvester Kokpan and published by Eliva Press. This book was released on 2021-07-14 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: One of the primary responsibilities of government is to ensure the security of lives and property of its citizenry. To this end, governments criminalizes certain conducts that are seen to be obnoxious to the general public good. Such conducts includes the way and manner of creating wealth as well as interrogating the purpose for which monies earned legitimately are utilized. The Nigeria's Money Laundering (Prohibition) Act, (MLPA) 2011, (as amended) prohibit illicit earnings and criminally induced investments in and out of Nigeria as well as made it mandatory for banks and other financial sector regulators to without recourse to the customers report and disclose every so called 'suspicious transactions' to a third party regulator. However, the law also empowered the financial institutions to stop customer's transactions without court order, under the guise of suspicion. Besides, the law in defining the scope of conducts that constitute money laundering offences ended up criminalizing all unlawful conducts, whether or not it has anything to do with money or property or the financial institutions. This work argues that the unilateral disclosure of customers' transactions by financial institutions to a third party is arbitrary and violate bankers/customers rules on confidentiality. Laws that empowers pro-government agencies or institutions to stop a citizen's transaction suo motu without an order of court, simply because the fund involved in the particular transaction is "outside the normal range" is archaic, inexact and constitute a clog in the wheel of economic development. It is undeniably conceivable that so many factors such as change of marital or job status, long term savings, gift, sales of inherited property, monetary court judgment, family priority, life expectancy, health, education, fees payable for professional service, among others could engender unusual credit in favour of a bank customer. Furthermore, that the definitional scope of the Act, including the description of suspicious activities in section 6(1)(d) is not only lopsided but ambiguous. It is recommended that the Act be amended to focus on the original purpose for global anti- money laundering regimes as well as protect bank customer's right to confidentiality in financial transactions.

Download or read book Money Laundering written by Wole Adewunmi and published by . This book was released on 1996 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Balancing Anti Money Laundering Counter Terrorist Financing Requirements and Financial Inclusion written by Ehi Eric Esoimeme and published by Dsc Publications Limited. This book was released on 2019-06 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the following research question: How can telecommunications companies design anti-money laundering and combating the financing of terrorism (AML/CFT) measures that meet the goal of financial inclusion without compromising the measures that exist for combating money laundering, terrorist financing and other illicit transactions through the financial system? This book will critically review the AML/CFT measures in the Guidelines for Licensing, Regulation and Operation of telecommunications companies issued by the Central Bank of Nigeria. The aim is to determine if the said Guidelines adopt a balanced approach to financial inclusion, anti-money laundering measures and fundamental human rights. Although the main focus of this book is on Nigeria, the measures and principles in it can be applied to any country that is faced with the challenge of designing AML/CFT measures for telecommunications companies. Each chapter of this book, from Chapters 2 to 6, has a discussion and conclusion section. The conclusion section provides recommendations for the policies that were analysed in the discussion section. No other book adopts this kind of approach. The research took the form of a desk study, which analyzed various documents and reports such as the Revised Central Bank of Nigeria National Financial Inclusion Strategy 2018, the Guidelines for Licensing and Regulation of Payment Service Banks in Nigeria as issued by the Central Bank of Nigeria in October 2018, the Central Bank of Nigeria' Revised Assessment Criteria for Approved Persons' Regime for Financial Institutions 2015, the Central Bank of Nigeria Code of Corporate Governance for Banks and Discount Houses in Nigeria 2014, the Nigerian Money Laundering (Prohibition) Act, 2011 (as amended), the Central Bank of Nigeria (Anti-Money Laundering and Combating the Financing of Terrorism in Banks and Other Financial Institutions in Nigeria) Regulations, 2013, the United Kingdom Payment Services Regulations 2017, the United Kingdom Payment Accounts Regulations 2015, the United Kingdom Electronic Money Regulations 2011, the Guidance on the Prevention of Money Laundering/Combating Terrorist Financing for the United Kingdom Financial Sector Part I as issued by the Joint Money Laundering Steering Group in June 2017 [Amended December 2017], the United States Federal Financial Institutions Examination Council' Bank Secrecy Act/Anti-Money Laundering Examination Manual 2014, the Kenya Information and Communications (Amendment) Act 2013, the Kenya Information and Communications (Registration of SIM-cards) Regulations 2015, the Financial Action Task Force Guidance on the Risk-Based Approach to Combating Money Laundering and Terrorist Financing - High Level Principles and Procedures 2007, the Financial Action Task Force Guidance on Anti-Money Laundering and Terrorist Financing Measures and Financial Inclusion 2011, the International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation (The FATF Recommendations) 2012, the Financial Action Task Force Guidance on Anti-Money Laundering and Terrorist Financing Measures and Financial Inclusion 2013 and the Financial Action Task Force Guidance for a Risk Based Approach: Prepaid Cards, Mobile Payments and Internet-Based Payment Services 2013.

Download or read book A Comparative Study of the Money Laundering Laws Regulations in Nigeria the United States and the United Kingdom written by Ehi Eric Esoimeme and published by CreateSpace. This book was released on 2014-11-21 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Action Task Force (FATF) Recommendations set out a comprehensive and consistent framework of measures that countries should implement in order to combat money laundering, terrorist financing and financing of the proliferation of weapons of mass destruction.Although countries have followed the advice of the FATF by enacting laws that require financial institutions and designated nonfinancial businesses and professions (DNFBPs) to implement certain measures that can combat money laundering and terrorist financing, the approaches adopted in these different countries are not identical.This book compares the approaches adopted in Nigeria, the United States and the United Kingdom in relation to reporting requirements, money laundering offences, politically exposed persons, cash couriers, compliance officers, offences of bribery, confiscation measures, customer due-diligence measures, record keeping and level of compliance. The aim of this comparison is to determine what the best approach is—the one that strikes a fair balance between protecting the financial system against money launderers and upholding equality before the law.This book relies mainly on primary and secondary data drawn from the public domain. It also relies on documentary research.The book engages with issues that many either oversimplify or avoid altogether. It admirably met the challenge of reconciling legal, jurisdictional and operational issues akin to money laundering. Of course, full or actual reconciliation is not always possible. Creating an understanding of the complexity of language to help 'finders of fact' register this as a genuine vocational and workable anti–money laundering commodity and professional resource was but one crucial challenge ably achieved. One cannot reduce issues of law and acquisitive financial crime to a state of simplicity that does not exist.Equally, money laundering, being such an amorphous entity as a crime, is arguably de facto immeasurable in a full and real sense. Many texts address specific points of reference and requisite money laundering criminality, but here we see a splendidly holistic approach to presenting answers to the questions it poses.Writing a widely acceptable book on the massive issue of money laundering and the fragmented state of the law across key jurisdictions—as in Nigeria, the United Kingdom and the United States of America—needs order and method, as well as a flexible and running thread to connect cohesion and meaning to it all. This book provides this.The comparatives and overlaps are well presented and neatly contextualized to keep them proportionate. The highest quality grasp of legal theory resonates throughout. Current challenges are clear, and future remedies and workable answers and methods and polices are explained or hinted at. The book encourages conceptual thought as well as finite and robust guidance for learning.In essence, what we have in this superb text is clarity and not mere description of the challenges and issues it addresses.Therefore you, as either a fellow professional or an infrequent but interested observer of money laundering, knowing what money laundering is, how it has advanced more than ever with new ways, what it causes and how we attempt to govern this massive spectre of crime legally and operationally, cannot help but benefit from this book—whatever your vocation or whatever part you have in combating it.

Download or read book Combatting Money Laundering in Nigeria written by Adewale Adegoke Alawiye-Adams and published by . This book was released on 2013 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: Nigeria State has been an entity from inception that is endowed with multitudes of economic and growth provoking physical and natural resources with which she could have raised her head above any micro or macro-economic storms. But this nation as blessed as she is has never been seen to have maximally explored her potentials for the good of the citizenry. Scholars of repute have come out with series of research works blaming the economic woes of the nation on bad leadership, corruption, political instability occasioned by incessant military incursions, faulty economic policies just to mention but a few. In furtherance of the quest for other causes apart from the aforementioned, our research light is beamed on money laundering, identified as a phenomenon to be completely wiped out of our system to further promote economic growth and development through home grown savings and investment, job opportunities, increased fund availability for industrialization, SMEs, and considerable increase in the per capita income as a measure of improving the nation's standard of living. Thus this paper examines the various causes of money laundering in Nigeria, challenges of fighting it, its effects on the nation's economy and offers useful suggestions on how to prevent and eliminate the causes and ultimately, the effects of the bad practice.

Download or read book Reference Guide to Anti money Laundering and Combating the Financing of Terrorism written by Paul Allan Schott and published by World Bank Publications. This book was released on 2006 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: Efforts to launder money and finance terrorism have been evolving rapidly in recent years in response to heightened countermeasures. The international community has witnessed the use of increasingly sophisticated methods to move illicit funds through financial systems across the globe and has acknowledged the need for improved multilateral cooperation to fight these criminal activities. The World Bank and International Monetary Fund have developed this guide to help countries understand the new international standards. It will hopefully serve as a comprehensive source of practical information for countries to fight money laundering and terrorist financing. It discusses the problems caused by these crimes, the specific actions countries need to take to address them, and the role international organizations, such as the Bank and the IMF, play in the process. This guide is a tool for countries to establish and improve their legal and institutional frameworks and their preventive measures according to international standards and best practices. -- From Foreword (p. ix).