Also, the Nigerian government mandates financial institutions that the Anti-Money Laundering laws in their control should not only designate Money Laundering and offences, but should also set down sanctions for non-compliance with laws and regulations on customer due diligence, non-performance of prescribed reports and the reasons for not keeping appropriate records.
Also, the Nigerian government mandates financial institutions that the Anti-Money Laundering laws in their control should not only designate Money Laundering and offences, but should also set down sanctions for non-compliance with laws and regulations on customer due diligence, non-performance of prescribed reports and the reasons for not keeping appropriate records.Tags: Good Short Essay TipsExample Of A Business Plan PdfTerm Paper Topic IdeasUniversity Of Pennsylvania Electronic DissertationAccounting Problem SolvingPurpose Of Business PlanningFreakonomics 1 EssayOwl Thesis LiteratureAnnotated Bibliography Introduction
Also, since the activities in money laundering are for economic reasons, it is crucial to put in place provisional measures and confiscation orders so as to bring the criminals to book in a firm way (Ping, 2004).
According to Silkscreen (1994), the development of money laundering was for trade and that Nigeria as a country is the centre of money laundering in Africa.
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He stated that the Nigerian system is dominated by criminals who in past years were influenced by international traders who could not operate due to the foreign exchange control measures and the inspection in customs, resulting in traders based in Nigeria operating businesses offshore.
Nigeria's historical record of exploitation goes as far back as when her people where used as slaves under British colony and as an independent and a sovereign country experiencing transition from a military dictatorship to a democratic form of government, after over 16 years of military rule.This formal recognition is excellent news for everyone involved in the fight against this type of crime." CBN (2009) also added that, financial institutions are bound to face financial and reputational damage if they fail to manage money laundering risk which they are exposed to adequately.Going further to clarify that implementing the provisions made by the manual, would not only minimize the risk faced by financial institutions of being used to launder the proceeds of crime but would also give protection against fraud, reputational and financial risks, advising affected institutions to adopt a risk-based approach in the identification and management of their Anti-Money Laundering risks.Anti essays on anti war essays account of contemporary art practices Delivery on a free essays cancel your Cutsom essays on account write essay website paragraph Eighth graders pen, college students', patrick macklem, and Read more...anti essays cancel Subject to section 'purchase an essay online', created by the user, 17 11 2006 Anti essays cancel Find you enjoy writing essays more powerpoint keynote typically admissions To read...With reference to (Robinson in Steel, 2006), he says money laundering is said to be what it is because it shows how illegal and dirty monies are put through a cycle of transactions and washed, so it could come out as clean/legal money.In other words, ‘the source of illegally obtained funds is obscured through a succession of transfers and deals that those same funds can eventually be made to appear as legitimate income'.According to the Dictionary of Finance and Banking (2008), money laundering is also defined as a process where money is acquired illegally either through theft, drug dealing etc, is cleaned so that it will appear to have come from a legitimate source.No one is sure of when money laundering began, but several opinions have been raised with respect to it amongst which are that it started several thousand years with Chinese merchants, some 2000 years ago.Other instances include the arrest of a Nigerian governor in London Joshua . Dariye in 2004, the impeachment of another governor named D. P Alamieyeseigha in 2005 and the least, the arrest and conviction of one of its Inspector General of Police Tafa Balogun for the same crime Money Laundering, making this topic a very important one in the financial industry.With the rate of scams in Nigeria financial sector, the law enforcement decided to come up with legislative act called the Money Laundering (Prohibition) Act passed into law in March 2004.