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SURVEY: Nigerian Bank Involvement in Money Laundering & Financial Terrorism


 Monday, February 20, 2012 12:31 PM / Martin Oluba

Follow this link to the survey:

The February 16th decision by the Financial Action Task Force (FATF), the global standard setting body for anti-money laundering and combating the financing of terrorism AML/CFT, to place Nigeria on its anti-money laundering blacklist will impose costs on Nigeria’s financial institutions and likely increase transaction costs for foreign exchange operations.

According to the report, “Nigeria has taken steps towards improving its AML/CFT regime, including by enacting AML/CFT legislation and commencing supervision across all sectors. However, despite Nigeria’s high-level political commitment to work with the FATF and GIABA to address its strategic AML/CFT deficiencies, further engagement with Nigeria is needed to clarify whether these deficiencies have been addressed, including: (1) adequately criminalising money laundering and terrorist financing (Recommendation 1 and Special Recommendation II); and (2) implementing adequate procedures to identify and freeze terrorist assets (Special Recommendation III). The FATF encourages Nigeria to address its remaining deficiencies and continue the process of implementing its action plan”.

The natural question therefore is – ‘who are those involved in these transactions?’ How does Nigeria get itself out of the malaise?

In order to proffer a solution, Value Fronteira is conducting a global survey on the subject of “Nigerian Bank Involvement in Money Laundering and Financial Terrorism’.

Kindly take 2 minutes of your time to take this survey.

Follow this link to the survey:




Martin Oluba N., Ph.D, DBA is the Founder/Chief Possibility Officer of Value Fronteira. He is equally a Professor of Economics & Finance at the SMC University, Switzerland; Professor of Economics, Monarch Business School and  Professor of International Administration and Global Economics, EUCLID (Euclid Intergovernmental University Framework)  

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